Lipper Fund Flows Insight Reports

Despite Positive Inflows Into Both Equity and Fixed Income Funds, the Conventional Funds Business Hands Back $58.8 Billion for January

lipperclientservices@thomsonreuters.com — Sun, 31 Jan 2010 00:00:00 Z

Investors injected cash into bond (+$26.9 billion) and stock & mixed-equity funds (+$24.5 billion) in January, while redeeming a whopping $110.1 billion from money market funds.
Despite poor returns for the month, investors moved money into USDE Funds in January, adding a net $3.2 billion to the group, with the go-anywhere Multi-Cap Core Funds (+$1.7 billion) drawing in the largest net inflows for the macro-group.
World Equity Funds (+$10.4 billion) attracted the largest net inflows of Lipper's four equity macro-classifications--its largest net inflows since October 2007.
Commodities Funds, with net inflows of $1.0 billion, led the Sector Equity group for the thirteenth consecutive month.
The Mixed-Equity Funds macro-group (+$8.6 billion) experienced its largest net inflows since May 2008, with the target horizon fund groups being the primary attractors of investors' assets.
Unlike the impressive monthly inflows experienced by their mutual fund brethren, stock & mixed-equity ETFs (-$19.4 billion) took it on the chin in January.

In December Investors Were Net Purchasers of Fund Assets, but for the Year the Conventional Funds Business Shed $82.7 Billion

Thu, 31 Dec 2009 00:00:00 Z

Bond funds (+$24.6 billion) padded their coffers in December, while stock and mixed-equity funds (-$2.1 billion) and money market funds (-$7.7 billion) were in the red for the converntional funds business.
However, ETFs experienced inflows for both major macro groups: bond ETFs garnered $3.4 billion while stock and mixed-equity ETFs attracted $21.3 billion.
Investors continued to shun USDE Funds in December, redeeming a net $10.3 billion from the group. However, the other equity macro-groups caught investors' attention, drawing in a combined $8.2 billion.
Mixed-Equity Funds (+$3.8 billion) attracted the largest net inflows of Lipper's four equity macro-classifications for the first month in four.
A strengthening dollar and minor concerns over the extended run-up in world markets weighed marginally on World Equity Funds' flows, but the macro-group still attracted net inflows ($2.8 billion) for the ninth consecutive month.

The Conventional Funds Business Sheds $10.8 Billion Overall, While ETFs Take Up the Slack

Mon, 30 Nov 2009 00:00:00 Z

Stock and mixed-equity funds (+6.7 billion) and bond funds (+$34.4 billion) added to their coffers in November, while money market funds (-$51.9 billion) saw red for the tenth straight month.
Investors once again turned a cold shoulder to USDE Funds in November, redeeming a net $8.1 billion from the group. However, the other equity macro-groups caught investors' attention, drawing in a combined $14.8 billion.
World Equity Funds (+$8.0 billion) attracted the largest net inflows of Lipper's four equity macro-classifications for the second straight month.
Commodities Funds, with net inflows of $1.1 billion, led the Sector Equity group for the eleventh month in a row.
Mixed-Equity Funds, drawing in $5.5 billion, witnessed net inflows for the eighth consecutive month. Mixed-Asset Target Allocation Conservative Funds, with $1.0 billion, attracted the largest net inflows of the life cycle and life stage funds subgroup.
Stock and mixed-equity ETFs (+$9.1 billion) and bond ETFs (+$2.8 billion) attracted net new money for November.

The Conventional Funds Business Sees Another $12.8 Billion Fly Out the Door in October, but ETF Inflows Almost Close the Gap

Sat, 31 Oct 2009 00:00:00 Z

Stock and mixed-equity funds (+12.9 billion) and bond funds (+$42.8 billion) padded their coffers in October, while money market funds (-$68.5 billion) handed back cash for the ninth consecutive month.
Investors once again shunned USDE funds in October, redeeming a net $5.4 billion from the group. But they renewed their interest in the other equity macro-groups, adding a combined $18.4 billion to the other major equity macro-groups.
World Equity Funds (+$9.2 billion) attracted the largest net flows of Lipper’s four equity macro-classifications.
Commodities Funds, with net inflows of $1.3 billion, led the Sector Equity group for the tenth month in a row.
Mixed-Equity Funds, drawing in $7.2 billion, witnessed net inflows for the seventh consecutive month in October. Mixed-Asset Target 2025 Funds, with $1.4 billion, attracted the largest net inflows of the life cycle and life stage funds subgroup.
Stock and mixed-equity ETFs (+4.3 billion) and bond ETFs (+$3.0 billion) attracted net new money in October.

Please see our new ETF section in this report.

Fund Flows Near Even for July

Fri, 31 Jul 2009 00:00:00 Z

- For the fourth consecutive month both stock & mixed-equity funds (+$14.6 billion) and bond funds (+$33.4 billion) attracted investor dollars in July, while money market funds (-$48.3 billion) handed back cash for the sixth month in a row.

- USDE Funds witnessed net redemptions (-$1.0 billion) for the first month in four. Investors continued to flee large-cap funds (-$3.3 billion), while turning their attention to small-cap funds (+$2.1 billion).

- For first time since May 2008 World Equity Funds (+$8.5 billion) attracted the largest net inflows of Lipper's four equity macro-classifications.

- For the fourth month in a row Mixed-Equity Funds witnessed net inflows in July, taking in $5.8 billion. Mixed-Asset Target Allocation Moderate Funds attracted the largest inflows of the life cycle and life stage funds at $1.3 billion.

Equity and Bond Funds Continue to Draw Assets, While Money Market Funds See Their Largest Monthly Outflows on Record

lipperclientservices@thomsonreuters.com — Tue, 30 Jun 2009 00:00:00 Z

- Stock and mixed-equity funds (+12.0 billion) and bond funds (+$27.5 billion) attracted net new money in June, while money market funds (-$109.8 billion) posted their largest net outflows on record.

- Investors continued to find comfort in multi-cap funds, adding $3.0 billion to the group, while large-cap funds saw net outflows of $2.6 billion.

- For the month World Equity Funds (+$600 million) drew in the smallest flows of Lipper’s four equity macro-classifications.

- For the third consecutive month Mixed-Equity Funds experienced net inflows in June, drawing in $5.7 billion. Mixed-Asset Target Allocation Conservative Funds attracted the largest inflows of the life cycle and life stage funds at $1.1 billion.

Investors Wade Deeper Into Investment Waters, Adding a Net $32.5 Billion to Fund Coffers in May

lipperclientservices@thomsonreuters.com — Sun, 31 May 2009 00:00:00 Z

- Stock & mixed-equity funds (+$23.2 billion) and bond funds (+$30.3 billion) attracted net new money in May, while investors withdrew some $21.0 billion from money market funds, giving May the second consecutive month of net inflows into the conventional funds business.

- Unsure which capitalization bet to make, investors preferred the comfort of the go-anywhere fund style of multi-cap funds over the other capitalization groups, adding $3.4 billion to the group.

- World Equity Funds attracted the smallest amount of net new money of Lipper's four major equity macro-groups, drawing in an estimated $1.2 billion net for the month.

- For the second consecutive month Mixed-Equity Funds experienced net inflows for May, drawing in $7.7 billion. Mixed-Asset Target Allocation Moderate Funds, taking in a net $1.9 billion, attracted the largest inflows of the life cycle and life stage funds group.

Q1 2009: Outflows Ebb Amid Early Signs of Improving Conditions

lipperclientservices@thomsonreuters.com — Tue, 19 May 2009 00:00:00 Z

- The Singapore unit trust market registered net outflows of S$122 million for first quarter 2009, marking a slowdown in the pace of negative flows after the record outflows of S$1.52 billion seen in the previous quarter.

- All asset types experienced net outflows. The asset type showing the highest net outflows was bond unit trusts, with S$39.2 million of net redemptions—but down from the Q4 2008 peak of S$629.9 million of net outflows.

- That said, inflows into bond and money market funds continued to exceed those into funds allocated to other asset classes. In the three months under review bond products saw total inflows to the tune of S$545.7 million, with another S$539.0 million going into money market products; these figures contrast with total inflows of S$829.4 million and S$715.7 million, respectively, during the previous quarter.

- Mixed-asset funds—after a rough fourth quarter 2008, when inflows of S$160.6 million were negated by nearly twice that amount of outflows—saw a marginal reduction of S$34 million in total assets by the end of first quarter 2009.

- Among the other asset classes positive net flows in the commodities (+S$8.92 million) and absolute return (+S$2.06 million) spaces were cancelled by net money outflows for guaranteed (-S$9.62 million) and protected (-S$6.26 million) funds and hedged/diversified products (-S$7.09 million).

Investors Add to Both Equity and Bond Funds, but Withdraw Cash from Money Market Funds in April

lipperclientservices@thomsonreuters.com — Thu, 30 Apr 2009 00:00:00 Z

- The stock and mixed-equity funds (+23.1 billion) and bond funds (+$23.0 billion) macro-classifications attracted net new money in April, while money market funds (-$23.0 billion) suffered through their third consecutive net redemption in April.

- Breaking a 20-month outflow trend, large-cap funds (+$2.5 billion) became the main capitalization attractor of the U.S. Diversified Equity group, while value-oriented funds (+$3.6 billion) recaptured the attention of investors.

- For the month Sector Equity Funds (+$2.2 billion net) drew in the smallest flows of Lipper's four equity macro-classifications.

- For the first month in three Mixed-Equity Funds experienced net inflows in April, drawing in $7.0 billion. April net flows into the primarily broker-recommended mixed-asset target allocation funds jumped to the head of the class, attracting some $3.2 billion and improving considerably from March's $5.9-billion net outflows.

Fund Investors Withdraw a Net $87.6 Billion—The Largest Retreat Since September 2008

lipperclientservices@thomsonreuters.com — Tue, 31 Mar 2009 00:00:00 Z

- The bond funds macro-group (+$21.8 billion) was the only macro-classification attracting net flows for March, while stock and mixed-equity funds handed back $34.7 billion and money market funds (-$74.8 billion) witnessed their largest net redemption since June 2008.

- Large-cap funds (-$8.5 billion) continued to be the outcast of the U.S. Diversified Equity (USDE) funds group, while small-cap funds (-$0.7 billion) mitigated outflows better than the other capitalization groups.

- For the quarter Sector Equity Funds (+$1.6 billion net) was the only equity macro-group attracting investor assets.

- For March the Mixed-Equity Funds macro-group (-$3.3 billion) suffered its sixth monthly redemption in nine. The mixed-asset target horizon funds group's inflows (+$3.1 billion) were overwhelmed by the net redemptions witnessed in the mixed-asset target allocation funds group (-$5.9 billion).

In February the Conventional Funds Business Suffered Its First Net Redemptions Since September 2008, Handing Back $17.8 Billion

lipperclientservices@thomsonreuters.com — Sat, 28 Feb 2009 00:00:00 Z

- The bond funds macro-group (+$13.8 billion) was the only macro-classification attracting net flows in February, while stock and mixed-equity funds handed back $24.9 billion and money market funds witnessed $6.7 billion of net redemptions.
- Large-cap funds (-$6.4 billion) continued to be the pariah of the U.S. Diversified Equity (USDE) funds group, while small-cap funds (-$1.2 billion) mitigated outflows better than the other capitalization groups.
- In February the Mixed-Equity Funds macro-group (-$3.9 billion) suffered its fifth monthly redemption in eight. The mixed-asset target horizon funds group's inflows (+$2.7 billion) were swamped by the net redemptions witnessed in the mixed-asset target allocation funds group (-$6.4 billion).
- For the year-to-date period World Equity Funds, shedding some $8.9 billion to net redemptions, handed back the largest amount of the four equity macro-classification breakouts.

All Three Major Fund Asset Classes Experience Net Inflows in January

lipperclientservices@thomsonreuters.com — Sat, 31 Jan 2009 00:00:00 Z

- For the first time since May 2008 all three major asset classes witnessed positive net flows, with money market funds attracting $68.3 billion, bond funds taking in $14.3 billion, and equity funds drawing $11.7 billion into their coffers.
- For the first month in six investors added money (+$6.6 billion net) to the U.S. Diversified Equity (USDE) funds macro-group, but large-cap funds and growth-oriented funds continued to be shunned by investors (each shedding about $0.7 billion).
- In January the Mixed-Equity Funds macro-group (+$2.7 billion) broke its four-month net-redemption streak. The mixed-asset target horizon funds group (+$3.8 billion) easily made up for the net redemptions witnessed by the mixed-asset target allocation funds group (-$1.4 billion).
- For the third consecutive month the World Equity Funds macro-classification experienced the smallest net inflows of Lipper's major equity groups, taking in just $0.7 billion.

Singapore Fund Flow Report Q3 2008 - RISK AVERSION PEAKS—BOND FUND ACTIVITY EXCEEDS EQUITY FUNDS

lipperclientservices@thomsonreuters.com — Thu, 01 Jan 2009 00:00:00 Z

• The Singapore unit trust market registered net outflows of S$854.1 million for the third quarter, a significant turnaround from the positive net inflows of S$287.9 million recorded the quarter before.
• All asset types experienced net outflows. The asset type showing the highest net outflows were equity unit trusts, with S$571.4 million of net redemptions—a sharp turnaround from the net inflow of S$212.7 million of the previous quarter.
• For the first time since we started monitoring Singapore fund flows, total inflows of bond funds far exceeded those of equity funds. In the three months under review total inflows of bond products amounted to S$1.728 billion, shooting from the S$1.028 billion of the previous quarter.
• Broadly diversified products and mixed-asset funds—used to enjoying net flow increases—in the third quarter were hit by the unpleasant market mood and ended up with negative net fund flows of S$150.9 million
• Among the other asset classes, we saw net money outflows for commodities and guaranteed funds, with aggregate decreases of S$16.03 million and S$12.39 million, respectively.

Money Market Funds Attract a Net $658.2 Billion in 2008, While Equity Funds Hand Back $176.7 Billion

lipperclientservices@thomsonreuters.com — Wed, 31 Dec 2008 00:00:00 Z

- The money market funds macro-group (+$127.4 billion) was the only macro-group attracting net flows in December, while stock and mixed-equity funds handed back $27.3 billion and bond funds witnessed $6.7 billion of net redemptions.
- Large-cap funds (-$5.2 billion) continued to be the flows outcast of the U.S. Diversified Equity (USDE) funds group, while small-cap funds (-$1.0 billion) mitigated outflows better than the other capitalization groups during the month.
- In December the Mixed-Equity Funds macro-group (-$0.4 billion) suffered its fourth consecutive monthly redemption. The mixed-asset target horizon funds group (+$2.6 billion) just managed to make up for the net redemptions witnessed by the mixed-asset target allocation funds group (-$2.1 billion).
- For the second month in a row the World Equity Funds macro-classification experienced the largest net outflows of Lipper's major equity groups, handing back $15.5 billion.

Investors Inject a Net $78.5 Billion into the Funds Business in November, Gravitating to Money Market Funds

lipperclientservices@thomsonreuters.com — Sun, 30 Nov 2008 00:00:00 Z

- The money market funds macro-group (+$121.6 billion) was the only macro-group attracting net flows in November, while stock and mixed-equity funds handed back $26.4 billion and bond funds witnessed $16.7 billion of net redemptions.
- Large-cap funds (-$4.7 billion) continued to be the flows pariah of the U.S. Diversified Equity (USDE) funds group, despite posting better returns than the other capitalization groups during the month.
- In November the Mixed-Equity Funds macro-group (-$4.6 billion) suffered only its fourth monthly redemption since July 2002. The mixed-asset target horizon funds group (+$1.9 billion) could not make up for the net redemptions witnessed by the mixed-asset target allocation funds group (-$5.5 billion).
- In November the World Equity Funds macro-classification recaptured the claim to shame of having the largest net outflows of Lipper's major equity macro-classifications, handing back $11.2 billion.

Investors Seek Refuge in Money Market Funds in October, Adding a Net $38.4 Billion to the Funds Business

lipperclientservices@thomsonreuters.com — Fri, 31 Oct 2008 00:00:00 Z

- The money market funds macro-group (+$169.1 billion) was the only macro-group attracting net flows in October, while stock and mixed-equity funds handed back $86.3 billion and bond funds witnessed $44.4 billion of net redemptions.
- Large-cap funds (-$16.2 billion) continued to be the outcasts of the U.S. Diversified Equity (USDE) funds group, while small-cap funds (-$3.5 billion) managed to avoid the large losses witnessed by the other capitalization groups.
- In October the Mixed-Equity Funds macro-group (-$19.4 billion) suffered only its third monthly redemptions since July 2002. The mixed-asset target horizon funds group (+$0.9 billion) could not make up for the unprecedented net redemptions witnessed by the mixed-asset target allocation funds group (-$18.4 billion).
- In October the World Equity Funds macro-classification (-$24.1 billion) suffered its worst monthly drawdown in over ten years, surpassing the previous month's record decline of $20.8 billion.

Lipper TASS Asset Flows Report - Second Quarter 2008

lipperclientservices@thomsonreuters.com — Sun, 05 Oct 2008 00:00:00 Z

Net hedge fund industry inflows edged marginally higher to US$4.03 billion duing the second quarter 2008. This compared to an inflow of US$41.10 billion in second qurter 2007 and US$2.62 billion in first quarter 2008 and reversed albeit modestly a slide in inflows that had been experienced over the previous three quarters.

Lipper TASS Asset Flows Report - Second Quarter 2008

Fri, 03 Oct 2008 00:00:00 Z

Net hedge fund inflows edged marginally higher to US$4.03 billion during the second quarter 2008. This compared to an inflow of US$41.10 billion in second quarter 2007 and US$2.62 billion in first quarter 2008 and reversed albeit modestly a slide in inflows that had been experienced over the previous three quarters.

Nowhere to Hide--Investors Pull $104.4 Billion From Funds in September

Tue, 30 Sep 2008 00:00:00 Z

- The bond funds macro-group (+$1.4 billion) was the only group attracting net flows in September, while stock and mixed-equity funds handed back $49.5 billion and money market funds lost $56.3 billion to redemptions.
- Large-cap funds (-$8.1 billion) were the pariahs of the U.S. Diversified Equity (USDE) group, while small-cap funds (-$0.1 billion) managed to avoid the large losses witnessed by the other capitalization groups.
- In September the Mixed-Equity Funds macro-group (-$6.1 billion) suffered only its second monthly redemption since July 2002. The mixed-asset target horizon funds group (+$2.0 billion) could not make up for the net redemptions witnessed by the mixed-asset target allocation funds group (-$7.3 billion).
- In September the World Equity Funds macro-classification (-$20.8 billion) suffered its worst monthly drawdown in over ten years.

In August Investors Exit World Equity Funds, but Overall Fund Flows Remain Positive

lipperclientservices@thomsonreuters.com — Sun, 31 Aug 2008 00:00:00 Z

- Weary investors drew down stock and mixed-equity funds by an estimated $4.3 billion in a mass exodus out of world equity funds, while adding $6.5 billion to bond funds and $33.0 billion to money market funds.
- Large-cap funds (-$4.0 billion) remained the outcast of the U.S. Diversified Equity (USDE) group, while small-cap and multi-cap funds led the way, cumulatively adding $4.7 billion to the USDE Funds coffers.
- The Mixed-Equity Funds macro-group added $3.5 billion to the conventional funds business in August, with the mixed-asset target horizon funds group (+$3.1 billion) collectively overshadowing the small net redemptions witnessed by the mixed-asset target allocation funds group (-$400 million).
- In August the World Equity Funds macro-classification (-$9.0 billion) suffered its worst monthly drawdown in over ten years.
- For the year-to-date period money market fund flows accounted for 74.6% of inflows into the conventional funds business.

Singapore Fund Flow Report Q2 2008 - INVESTORS STEP ASIDE—WEAKER FUND FLOWS

lipperclientservices@thomsonreuters.com — Fri, 15 Aug 2008 00:00:00 Z

• The Singapore unit trust market registered net inflows of S$287.9 million for the three months under review, falling sharply from the S$1.289 billion recorded the quarter before.
• The net flows into equity offerings in the second quarter showed improvement—up from the net decrease of S$85.7 million in the first quarter to an aggregate inflow of S$212.7 million—because of attractive valuations in various markets after a series of market fallouts.
• The negative impact from the bond yield surge forced investors to redeem fixed income offerings; we witnessed a net outflow of S$61.5 million during the three months under review, with slow bond fund subscriptions amounting to S$1.028 billion and precipitous outflows of S$1.089 billion.
• Mixed-asset funds had aggregate inflows of S$1.079 billion—almost unchanged from the previous quarter, while their redemptions rose substantially to S$986.7 billion; mixed-asset funds ended up with a small net increase of S$92.8 million
• Net money outflows from protected and guaranteed funds were witnessed, with aggregate decreases of S$18.86 million and S$137.37 million, respectively; while overheated commodity prices rose, more cautious and rational investors provided lower money inflows of S$23.30 million to commodity funds.

Stock and Mixed-Equity Funds Witness First Net Outflows in Four Months, While Fixed Income Funds Pad Their Coffers in July

lipperclientservices@thomsonreuters.com — Thu, 31 Jul 2008 00:00:00 Z

- Breaking a five-month inflow trend, stock and mixed-equity funds saw $25.8 billion fly out their doors in July, while investors dove for cover in the comforts of bond funds (+$4.0 billion) and money market funds (+$71.5 billion).
- For the first month in four investors pulled money out of USDE Funds (-$17.2 billion), with large-cap funds accounting for the lion's share of defections.
- The Mixed-Equity Funds macro-group (-$0.2 billion) experienced its first net redemption since July 2002, but target date funds and flexible income funds managed to attract assets in July. Year to date Mixed-Equity Funds reeled in $47.2 billion, outpacing the other equity macro-classifications.
- Interest in World Equity Funds waned in July, with the group shedding about $7.2 billion during the month.
- For the year-to-date period money market fund flows accounted for 72.7% of inflows into the conventional funds business.

Despite Poor Returns in June, Equity and Fixed Income Funds Witness Net Inflows, While Money Market Funds Suffer Net Redemptions

lipperclientservices@thomsonreuters.com — Mon, 30 Jun 2008 00:00:00 Z

- For the second month in three, investors drew down money market funds (-$72.3 billion), but they added money for the fifth consecutive month to stock and mixed-equity funds (+$9.2 billion) and bond funds (+$3.1 billion).
- For the third consecutive month investors added assets to USDE Funds (+$1.0 billion).
- After a one-month setback net flows into the Mixed-Equity Funds macro-group (+$5.2 billion) outpaced those of all other equity fund macro-classifications. Year to date the group has attracted $47.4 billion, outpacing the other equity macro-classifications.
- World Equity Funds, taking in about $1.6 billion in June, drew in the second largest net flows in the equity universe.
- For the year to date money market fund flows accounted for 61% of inflows into the conventional funds business.

Lipper TASS Asset Flows Report, First Quarter 2008

lipperclientservices@thomsonreuters.com — Mon, 16 Jun 2008 00:00:00 Z

Net hedge fund industry inflows slumped to US$2.62 billion during the first quarter 2008. This, combined with a negative performance figure of roughly US$36 billion led to estimted net hedge fund industry assets of US$1.75 trillion as of March end 2008, down from an estimated US$1.79 trillion reading at the end of December 2007.

Lipper TASS Asset Flows Report, First Quarter 2008

Sun, 15 Jun 2008 00:00:00 Z

Net hedge fund industry inflows slumped to US$2.62 billion during the first quarter 2008. This, combined with a negative performance figure of roughly US$32 billion led to estimated net hedge fund industry assets of US$1.75 trillion as of March end 2008, down from and estimated US$1.79 trillion reading at the end of December 2007.

All Three Broad Asset Types Witness Positive Net Flows in May

Sat, 31 May 2008 00:00:00 Z

- In two of the last three months all three major asset types experienced net inflows. Overall, investors injected an estimated $86.9 billion into the conventional funds business during the month of May.
- For the third month in four investors added assets to USDE Funds (+$6.0 billion).
- For the first month in seven net flows into the World Equity Funds macro-group (+$9.9 billion) outpaced those of all other equity macro-classifications.
- Mixed-Equity Funds, taking in about $9.8 billion, drew in the second largest net flows in the equity universe in May.
- Money market fund flows accounted for 49% of inflows into the conventional funds business in May.

Singapore Fund Flow Report, 1Q 2008 - SHOOTING BOND FUND FLOWS AMID HEIGHTENED RISK-AVERSION

lipperclientservices@thomsonreuters.com — Thu, 15 May 2008 00:00:00 Z

• The Singapore unit trust market registered a net inflow of S$1.289 billion for first quarter 2008, relatively lower than the S$1.561 billion recorded in the three months before.
• Flows into equity unit trusts continued to slow amid the heightened investor risk-aversion, with a net decrease of S$85.7 million, after increasing S$720 million the quarter before. However, emerging markets portfolios saw active trading, while further redemptions were seen in global real estate offerings and developed markets.
• With investors more cautious and seeking safer investment vehicles, fixed income offerings recorded a progressive increase of S$574.3 million, with a strong focus on both domestic Singapore-dollar offerings and global bond portfolios investing in sovereign issues.
• Investments in broadly diversified products and mixed-asset funds posted fewer subscriptions—down to S$1.039 billion and, along with redemptions of S$649 million, had an aggregate increase of S$391 million.
• Protected and guaranteed funds continued to see further redemptions, with net outflows of S$49.22 million and S$8.68 million, respectively, while commodities funds, with a net inflow of S208.81 million, remained heated investment vehicles amid soaring prices.

Fund Flows Turn Negative in April as Investors Draw Down Money Market Funds

lipperclientservices@thomsonreuters.com — Wed, 30 Apr 2008 00:00:00 Z

- Flows into equity and bond funds turned positive in April, while money market funds experienced their first net redemptions since April 2007. Overall, investors withdrew an estimated $16.5 billion from the conventional funds business during the month.
- For the second month in three investors added assets to USDE Funds (+$4.2 billion).
- Flows into the World Equity Funds macro-group (+$6.9 billion) turned positive once again.
- Mixed-Equity Funds drew in the largest net flows in the equity universe in April, taking in about $9.9 billion.
- Long- and short-term bond funds (+$16.4 billion) benefited from recent market optimism.

Turbulent Markets Send Investors Running for Cover

lipperclientservices@thomsonreuters.com — Mon, 31 Mar 2008 00:00:00 Z

* Investors added an estimated $314.9 billion to the conventional funds business in Q1 2008.
* Investors couldn’t leave their assets in USDE Funds alone (-$37.0 billion).
* Flows into the World Equity Funds macro-group (-$4.3 billion) turned cautious.
* Mixed-Equity Funds drew in the largest net flows in the equity universe in the first quarter, roughly $27.9 billion.
* Bond funds (+$42.1 billion) and taxable money market funds (+$265.6 billion) were the beneficiaries of recent market malaise, but muni money market funds managed to attract $20.4 billion during the quarter.

Lipper Tass Asset Flows Report, Fourth Quarter 2007

lipperclientservices@thomsonreuters.com — Tue, 25 Mar 2008 00:00:00 Z

Net hedge fund industry inflows slowed to US$13.7 billion during fourth quarter 2007, and a performance gain of US$40 billion led to net hedge fund assets of an estimated US$1.79 trillion at the end of December 2007. This compared to the third quarter inflows of US$39.3 billion. Despite the observed drop in industry inflows during the fourth quarter, the 2007 calendar-year total still marked an increase of 8% over calendar year 2006, reaching a high of US$114.9 billion. This compared to the 2004 calendar-year record-high inflows total of US$123 billion.

Lipper TASS Asset Flows Report, Fourth Quarter 2007

Mon, 24 Mar 2008 00:00:00 Z

Despite Market Woes, Mutual Fund Flows Remain Strongly Positive in February

Fri, 29 Feb 2008 00:00:00 Z

- End-of-year bonuses and qualified plan funding kept flows positive; investors added an estimated $125.0 billion to the conventional funds business in February.
- For the first month in ten investors added assets to USDE Funds (+$3.3 billion).
- For the first month since October 2007 all three major macro-classifications experienced positive net flows.
- Flows into the World Equity Funds macro-group (+7.7 billion) turned positive once again.
- Mixed-Equity Funds drew in the largest net flows in the equity universe in February, taking in about $9.8 billion.
- Bond funds (+$12.6 billion) and taxable money market funds (+$102.3 billion) were the benefactors of recent market malaise, but muni money markets shed $12.6 billion during the month.

This is the last monthly edition of Lipper’s FundFlows Insight Report. We will be providing quarterly FundFlows Insight Reports for clients, starting with the quarter ending March 31, 2008. Thank you for your interest, and please look for our other Research Series reports at lipperweb.com.

Singapore Fund Flows Summary 4Q2007 - Equity Flows Slow In Fourth Quarter On Rising Risk-Aversion

lipperclientservices@thomsonreuters.com — Thu, 07 Feb 2008 00:00:00 Z

• Net flows into Singapore’s unit trust industry remained steady at S$1.561 billion in fourth quarter 2007, in line with the S$1.562 billion recorded in the preceding three months.
• Flows into equity unit trusts, however, slowed to S$720.0 million on the back of increasing market risk aversion, after topping S$1.694 billion in the third quarter. BRIC, India, and China portfolios remained in play, while real estate, Japan, and Malaysia offerings saw net redemptions.
• Domestic Singapore-dollar funds (+S$113.8 million) contributed to the bulk of flows into bond products, while interest in quasi-government securities led to a larger S$88.4-million aggregate increase for fixed income offerings; inflows into mixed-asset products increased further to S$543.6 million for the quarter.
• Money market funds grew S$160.2 million, while guaranteed and protected unit trusts contracted further, with net outflows of S$26.30 million and S$43.01 million, respectively.
• For the year 2007 the Singapore unit trust market recorded a total net inflow of S$5.581 billion, up substantially from the S$2.058 billion recorded in the previous year’s survey.

Equity Fund Flows Turn Grim in January, but Money Market and Fixed Income Funds Provide a Silver Lining

lipperclientservices@thomsonreuters.com — Thu, 31 Jan 2008 00:00:00 Z

- Investors added an estimated $112.8 billion to the conventional funds business in January.
- Equity fund flows took it on the chin in January, suffering $41.1 billion in net redemptions.
- For the ninth consecutive month investors withdrew assets from USDE Funds (-$35.2 billion, its largest monthly net redemption in recent memory).
- For the second consecutive month the World Equity Funds macro-group suffered a net redemption in January, handing back $8.9 billion.
- Mixed-Equity Funds drew in the largest net flows in the equity universe in January, taking in about $5.0 billion.
- Bond funds (+$19.3 billion) and money market funds (+$134.6 billion) were the benefactors of recent market turmoil and FOMC interest rate cuts.

Money Market Fund Inflows Keep Things on the Plus Side in December

lipperclientservices@thomsonreuters.com — Mon, 31 Dec 2007 00:00:00 Z

- Investors added an estimated $20 billion to the conventional funds business in December.
- December marked the first month since August 2007 in which the equity and bond fund macro-groups suffered net redemptions.
- For the eighth consecutive month investors withdrew assets from USDE Funds (-$19.6 billion, its largest monthly net redemption in over 12 months).
- For the first month in 12 the World Equity Funds macro-group suffered a net redemption in December, shedding just $2 billion.
- Mixed-Equity Funds drew in the largest net flows in the equity universe in December, with net proceeds of about $7.3 billion.
- For the year the conventional funds business (excluding ETFs) drew in an estimated $841 billion, of which equity and mixed-equity fund types accounted for $193.5 billion, bond funds $103.8 billion, and money market funds $543.9 billion.

Lipper Tass Funds Flow Report, 3rd Quarter 2007

lipperclientservices@thomsonreuters.com — Fri, 21 Dec 2007 00:00:00 Z

Net hedge fund industry inflows increased US$39.3 billion during third quarter 2007, and a percentage gainof US$18.9 billion led to net hedge fund assets of an estimated US$1.73 trillion at the end of September 2007.

Lipper Tass Asset Flows Report, 3rd Quarter 2007

Thu, 20 Dec 2007 00:00:00 Z

Net hedge fund industry inflows increased US$39.3 billion during third quarter 2007, and a performance gain of US$18.9 billion led to net hedge fund assets of an estimated US$1.73 trillion at the end of September 2007.

Pan-European Fund Flows Insight Report August-October 2007 - FINANCIAL MARKET TURMOIL HITS FUND SALES IN EUROPE

Mon, 17 Dec 2007 00:00:00 Z

The three months from August to October 2007 recorded accumulated net outflows of 89 billion euros in the European fund industry.

Total assets under management at the end of October stood at 5.347 trillion euros, clearly lower than the 5.438 trillion registered three months earlier.

The credit market troubles impacted the performance of many fund categories, but money market funds were among the ones faring relatively worse, recording large outflows.

November's Final Score: Money Market Funds--$100 Billion, Stock and Bond Funds--Zero

Fri, 30 Nov 2007 00:00:00 Z

Investors added an estimated $104.6 billion to the conventional funds business in November.

Singapore Fund Flows Summary 3Q2007 - Third Quarter Asset Flows Hold Up Amid Market Roller-Coaster

lipperclientservices@thomsonreuters.com — Thu, 08 Nov 2007 00:00:00 Z

• Singapore’s unit trust industry saw a net increase of S$1.562 billion in flows in the third quarter—up from the S$1.287 billion recorded in the prior three months—despite market volatility.
• Flows into equity unit trusts were again the strongest, rising S$1.694 billion in aggregate—despite a bout of selling in August, to improve on the previous quarter’s S$630.9 million performance. Asia-Pacific ex-Japan and China-plays saw the best cumulative increase in assets, while real estate portfolios saw net redemptions.
• Domestic Singapore-dollar funds (+S$56.8 million) captured the lion’s share of flows into fixed income unit trusts, but a substantial outflow of S$101.6 million in Asian bond portfolios led to a relatively lower S$7.7 million increase at the aggregate level for fixed income offerings, while inflows into mixed-asset products reached S$392.9 million for the quarter.
• Money market funds grew S$80.5 million, while guaranteed and protected unit trusts contracted further, with net outflows of S$43.64 million and S$615.18 million, respectively.

Fund Flows Remain Decidedly Positive in October, Despite the Large Slide in Equities Mid-Month

lipperclientservices@thomsonreuters.com — Wed, 31 Oct 2007 00:00:00 Z

- Investors added an estimated $124.9 billion to the conventional funds business in October.
- Continuing a trend broken in August, all three major fund types chalked up positive net flows in October, with money market fund inflows accounting for 72% of those increases.
- Investors once again withdrew cash from USDE 4x3-classification-matrix funds, pulling out $2.9 billion from USDE coffers.
- World Equity Funds maintained its claim to fame, taking in the largest share (+$16.4 billion) of net inflows of Lipper's major equity macro-classifications.
- Life cycle and life stage funds tacked on $10.7 billion in flows during the month.
- Investors injected $11.5 billion into long- and short-term bond funds in October.

With Fed Action and Analyst Upgrades, Fund Flows Are Positive in September

lipperclientservices@thomsonreuters.com — Sun, 30 Sep 2007 00:00:00 Z

– Investors added an estimated $51.0 billion to the conventional funds business in September.
– Resuming a trend broken in August, all three major fund types chalked up positive net flows in September, with money market fund inflows accounting for 43% of those increases.
– For the first time since June investors injected cash into USDE 4x3-classification-matrix funds, adding $1.2 billion to USDE coffers.
– World Equity Funds regained its claim to fame, taking in the largest share (+$12.7 billion) of net inflows of Lipper's major equity macro-classifications.
– Life cycle and life stage funds lost the flows leadership position in September but were able to tack on $8.0 billion in flows during the month.
– Investors injected $8.2 billion into long- and short-term bond funds in September.

Fund Investors Head for the Sidelines in August, But Net Flows Remain Strongly Positive

lipperclientservices@thomsonreuters.com — Fri, 31 Aug 2007 00:00:00 Z

-Investors added an estimated $139.8 billion to the conventional funds business in August.
-Of the three major fund types only money market funds had positive net flows for the month, accounting for 108% of inflows into the conventional funds business.
-For the fourth time in eight months investors withdrew assets (-$10.7 billion) from the USDE Funds macro-group.
-Mixed-equity, life cycle, and life stage funds jumped to the head of the equity funds group, taking in $6.5 billion during the month.
-World Equity Funds lost the flows leadership position in August but still drew $1.4 billion of inflows.
-Investors withdrew $4.3 billion from long- and short-term fixed income funds in August.

Lipper Paneuropean Fund Flows Insight Report July 2007 - TUMULTUOUS MARKET IS SAVED BY TRADITIONAL MONEY MARKET FUNDS

lipperclientservices@thomsonreuters.com — Fri, 31 Aug 2007 00:00:00 Z

The credit and equity markets started to fall in the middle of July, hitting mutual fund sales, but they were saved by the seasonal large subscriptions of money market funds.

Total net sales remained positive at 8.1 billion euros, with total assets managed by the European fund industry surpassing the 5.4-trillion-euros mark.

Positive performance of the reference European government debt markets was not enough to prevent bond funds from posting the largest money outflows of all asset classes at 9.7 billion euros.

Understandably, real estate funds broke their trend of steady net inflows and suffered relatively large redemptions of 4.2 billion euros.

Equity fund sales felt the consequences of the stock market troubles and shed 3.8 billion euros.

On the other hand, guaranteed funds seemed a wise option to European investors in the current environment, with nearly 7 billion euros being poured into the fund category.

Singapore Fund Flows Summary 2Q2007 - Steady Second Quarter Asset Flows On The Back Of Firm Global Bourses

lipperclientservices@thomsonreuters.com — Tue, 07 Aug 2007 00:00:00 Z

• Singapore’s unit trust industry saw a net increase of S$1.287 billion in flows in the second quarter of the year—improving on the S$1.171 billion recorded during the prior three months.

• Flows into equity unit trusts were again the strongest, rising S$630.9 million on the back of a generally firm investing environment —albeit coming in below the previous quarter’s S$785.6 million increase—with Malaysia and Singapore seeing the best cumulative increase in assets, while global real estate and Greater China funds saw net redemptions.

• Amid volatile bond markets, domestic Singapore-dollar fund offerings (+S$268.7 million) captured the lion’s share of flows into fixed income unit trusts (+S$284.0 million), while mixed-asset and money market products again recorded significant increases of S$367.1 million and S$224.6 million, respectively.

• Guaranteed and protected unit trusts, however, contracted further, with net outflows of S$16.56 million and S$205.55 million, respectively.

Lipper Paneuropean Fund Flows Insight Report June 07 - MONEY MARKET FUNDS LEAD THE INFLOWS IN FIRST SEMESTER 2007

lipperclientservices@thomsonreuters.com — Wed, 01 Aug 2007 00:00:00 Z

Total net subscriptions in the European fund industry amounted to 108.7 billion euros in the first six months of 2007, thanks to large inflows into money market funds.

Total assets under management stood at 5.304 trillion euros at the end of June, some 200 billion euros higher than at the end of last year.

The reference debt markets for European investors continued their poor run, so it was no surprise to see bond funds leading the outflows at 19.1 billion euros. This was amplified by the decline in real estate prices in the U.S. and the subsequent looming crisis in the subprime mortgage market.

Equity funds recorded moderate redemptions of 9.0 billion euros in the period as increasing market volatility took its toll.

Despite Market Woes at Month-End, Investors Add $66.7 Billion to the Conventional Funds Business in July

Tue, 31 Jul 2007 00:00:00 Z

- Investors added an estimated $66.7 billion to the conventional funds business in July.
- All three major fund types had positive net flows for the month; money market funds accounted for 75% of all inflows into the conventional funds business.
- For the third time in seven months investors withdrew assets (-$5.4 billion) from the USDE Funds macro-group.
- World Equity Funds moved to the top of the class of the equity fund group in July, drawing $13.2 billion of inflows.
- Mixed-equity, life cycle, and life stage funds received the second largest share of the pie, garnering $10.5 billion of inflows.
- Investors allocated just $4 billion to long- and short-term fixed income funds in July, a $3.9-billion decrease from June.

Paneuropean FundFlows Insight Report May 07 - MONEY MARKET FUNDS KEEP INFLOWS GOING IN MAY

lipperclientservices@thomsonreuters.com — Wed, 11 Jul 2007 00:00:00 Z

Net subscriptions in the European fund industry amounted to 16.8 billion euros, thanks to large inflows in money market funds.

Total assets under management stood at 5.389 trillion euros at the end of May.

Equity funds suffered surprising outflows of 7.6 billion euros in a rising global stock markets scenario.

The poor run of European fixed income markets intensified in May but redemptions were very moderate.

Despite Increased Market Volatility, Investors Add $51.9 Billion to the Conventional Funds Business in June

lipperclientservices@thomsonreuters.com — Sat, 30 Jun 2007 00:00:00 Z

- Investors added an estimated $51.9 billion to the conventional funds business in June.
- For the second time in six months investors withdrew assets (-$0.2 billion) from the USDE Funds macro-group.
- Mixed-equity, life cycle, and life stage funds remained at the top of the class, garnering $10.5 billion of inflows.
- World Equity Funds received the second largest flows of all equity fund groups in June (+$8.5 billion).
- All three major fund types had positive net flows for the month; money market funds accounted for 51% of all inflows into the conventional funds business.
- Investors allocated just $7.9 billion to long- and short-term fixed income funds in June, an $11.8-billion decrease from May.

Lipper Pan-European Fund Flows Report April 07- EUROPEAN FUND INDUSTRY POSTS STRONG INFLOWS OF 32 BILLION EUROS IN APRIL

lipperclientservices@thomsonreuters.com — Mon, 25 Jun 2007 00:00:00 Z

European investors continued to invest heavily in mutual funds in April, with all the asset classes posting positive net flows.

Net inflows into equity funds stood at 3.6 billion euros, demonstrating the caution of investors regarding the stock markets. While small- and mid-cap funds had lost some of their appeal during March, they were again favored in April, thanks to a relative undervaluation of the segment after the market downturn in February and March.

Bond funds attracted 428 million euros during the month, recording their first positive flows of the year. While both short-term and long-term interest rates were on an upward trend, some highly equity-sensitive bonds such as high-yields and convertibles attracted flows.