Lipper Fund Market Insight Reports

Lipper Spanish Asset Allocation Poll Report February 2010 - SPANISH MANAGERS MOVE TO THE SAFETY OF BONDS

lipperclientservices@thomsonreuters.com — Thu, 11 Mar 2010 00:00:00 Z

Continuous stock market volatility through the month of February took its toll; Spanish managers slashed their aggregate equity exposure by more than 2 percentage points.
On the other hand, the aggregate average allocation to bonds was increased from 36.39% to 38.50%. This represented the highest reading since March 2007.
However, the average allocation to bonds should not increase much further in the short term, since only 8% of the panel–down from 29% in January–was planning to increase exposure to this asset class over the next three months.
A majority of participants believed that Eurozone stocks were oversold–a shift in opinion from a month earlier, when they were fairly valued. This stood in sharp contrast with the opinion on U.S. stocks.
Regarding market sectors, Spanish managers turned more positive on resources and basic industries.

The Month in Closed-End Funds: February 2010

lipperclientservices@thomsonreuters.com — Sun, 28 Feb 2010 00:00:00 Z

Equity closed-end funds (CEFs) (+2.04%) returned to their winning ways, while fixed income CEFs posted their fourth consecutive month of plus-side returns, rising 1.03% on a NAV basis.
All equity and fixed income CEF classifications were in the black for February, with Domestic Equity CEFs (+2.78%) and Municipal Bond Funds (+1.32%) leading their respective asset class.
In the equity universe Real Estate Funds (+3.84%) took home the gold, while on the fixed income side Florida Municipal Debt Funds (+1.88%) took the top podium position for the month.
For February 92% of all CEFs posted returns in the black, with 90% of equity CEFs and 93% of fixed income CEFs posting positive returns.
The exchange-rate sensitive World Equity Funds (+0.88%) macro-group lagged its counterparts, with the Developed Markets Funds (+0.19%) classification pulling down the average.
For February the median discount of all CEFs narrowed 92 basis points (bps) to 3.95%. High Current Yield Funds witnessed the largest narrowing of discounts.

Malaysia Fund Market Insight Report January 2010 - A Greek Tragedy Unfolds (Executive Summary)

Wed, 17 Feb 2010 00:00:00 Z

The FTSE Bursa Malaysia KLCI was down 1.07% for the month of January,but it outperformed both its ASEAN neighbors Singapore and Thailand during the month.
The average return for all types of funds was minus 1.19% - the first overall negative return since March 2009.
The equity fund group lost an average of 3.62% for the month of January, while mixed asset funds lost 1.94% on average.
Equity Malaysia Small- & Mid-Cap funds returned 1.62% on average, surprising during a month of significantly reduced risk appetite, given the group's traditionally higher volatility.
Over the three-year period Target Maturity Funds were the best performer, returning an average of 28.75% and significantly outperforming equities, which returned an average of 6.91% over the same period.

Thailand Fund Market Insight Report January 2010 - The Beginning...of the End? (Executive Summary)

lipperclientservices@thomsonreuters.com — Mon, 15 Feb 2010 00:00:00 Z

The SET Index was down 5.17% for the month of January, outperforming only Singapore within the ASEAN region.
Four equity funds and one mixed-asset fund were launched during the month, with one investing in the diversified Latin American region, and another being a Hong Kong equity fund.
The best performing fund group for the month was the bond fund group, returning minus 0.21% on average.
On a year-on-year basis, all LGCs turned in positive performance. The Equity Thailand LGC returned 52.60% during this period.

Hong Kong MPF Market (Executive Summary) - January 2010 (English)

lipperclientservices@thomsonreuters.com — Fri, 12 Feb 2010 00:00:00 Z

• Hong Kong MPFs lost 3.25% on average for January, terminating their chance to record a gain for an eleventh consecutive month (since March 2009).

• Apart from bond MPFs (up 0.46% on average) and money market MPFs (up 0.02% on average), all other asset-type fund groups incurred losses for the month.

• Equity MPFs, incurring a negative return of 5.67% on average, underperformed all other types of MPFs for the first time since August 2009, while mixed-asset MPFs fell 2.95% on average for January.

• Global equity markets have registered a significant correction since mid-January, which has now rendered them oversold and undervalued.

• With the global credit default rate anticipated to decline to 3.0% by January 2011, the investment outlook for corporate and high-yield bonds remains positive.

• The sovereign debt crisis in the PIIGS countries looks set to dictate the direction of the financial markets for the time being. With the global fundamentals picture now considerably much stronger than it was in 3Q2008, there are more resources available to tackle the issue, which could then ignite another round of rally in the global financial markets.

• As such, this sovereign debt crisis provides investors another good opportunity to place their capital in high-volatility assets such as commodities and equities.

Hong Kong MPF Market (Executive Summary) - January 2010 (Chinese)

lipperclientservices@thomsonreuters.com — Fri, 12 Feb 2010 00:00:00 Z

• 香港強積金1月平均下跌3.25%，打破了強積金有望自2009年3月以來連續11個月錄得平均正回報的希望。

• 除了債券強積金(+0.46%)和貨幣市場強積金(+0.02%)以外，其他資産類別的強積金都在1月報出平均負回報。

• 股票強積金當月平均下跌5.67%，表現遜於其他所有類別的強積金，這是2009年8月以來首見。

• 混合型強積金1月則平均下跌2.95%。

• 鑑於環球信貸違約率預計在2011年1月前將降至3%，公司債和高收益債券的投資前景依然正面。

• 歐元區PIIGS國家(指葡萄牙、意大利、愛爾蘭、希臘和西班牙)的主權債務危機正指引著當前環球金融市場走向。鑒於目前全球經濟的基本面情況要比2008年第三季之時強勁堅穩了許多，令當前有更多的資源可供調動，來應付這些債務問題，從而可以觸發環球金融市場新一輪的上升趨勢。

• 對於投資者而言，當前的這場主權債務危機可以被視為一個良好的投資機會，將資金配置於商品和股市等高波動性資産。

Hong Kong Fund Market (Executive Summary) - January 2010 (English)

lipperclientservices@thomsonreuters.com — Fri, 12 Feb 2010 00:00:00 Z

• Funds authorized for sale in Hong Kong fell 3.16% on average for January.

• Apart from bond funds (up 0.18% on average) and guaranteed funds (up 0.11% on average), all other fund groups by asset type incurred losses on average for the month.

• Commodities funds, incurring a loss of 6.79% on average, underperformed all other types of funds.

• Equity funds, posting a negative return of 4.42% on average, came in second from last on the performance league table, while mixed-asset funds fell 2.86% on average for the month.

• Global equity markets have registered a significant correction since mid-January, which has now rendered them oversold and undervalued.

• With the global credit default rate anticipated to decline to 3.0% by January 2011, the investment outlook for corporate and high-yield bonds remains positive.

• As such, this sovereign debt crisis provides investors another good opportunity to place their capital in high-volatility assets such as commodities and equities.

Hong Kong Fund Market (Executive Summary) - January 2010 (Chinese)

lipperclientservices@thomsonreuters.com — Fri, 12 Feb 2010 00:00:00 Z

• 香港認可買賣基金1月平均下跌3.16%。

• 除了債券基金(+0.18%) 和保證基金(+ 0.11%) 錄得正回報，其他所有資産類別的基金組在當月都錄得平均負回報。

• 商品基金平均下跌6.79%，遜於其他類別的基金。

• 股票基金1月平均下跌4.42%，表現排在倒數第二位。

• 混合型基金當月平均虧損2.86%。

• 環球股市自1月中旬開始遭遇大幅修正。迄今為止，這一波的向下回調已經令環球股市呈現超賣和價值被低估。

• 鑑於環球信貸違約率預計在2011年1月前將降至3%，公司債和高收益債券的投資前景依然正面。

• 對於投資者而言，當前的這場主權債務危機可以被視為一個良好的投資機會，將資金配置於商品和股市等高波動性資産。

Lipper Asset Allocation Poll Spain January 2010 - SPANISH MANAGERS REMAIN POSITIVE ON EQUITIES

lipperclientservices@thomsonreuters.com — Fri, 12 Feb 2010 00:00:00 Z

Well into the recent stock market correction Spanish managers increased slightly their average aggregate exposure to equities—from 41.12% to 41.59%.
The aggregate exposure to bonds was also increased slightly—to 36.39% from 35.59%—staying around summer 2008 levels.
On the other hand, fund managers reduced the average allocation to cash by more than 1.0 percentage point to 18.92%. This was the lowest reading since June 2008.
A majority of participants remained overweighted in Eurozone stocks, and more managers were overweighted in North American equities.
Regarding market sectors, Spanish managers turned more negative on banks; fewer managers were overweighted in the banks & other financials sector, and 31% of the panel were planning to decrease their exposure, compared to just 15% in December.

The Month in Closed-End Funds: January 2010

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

For the first month in three equity closed-end funds (CEFs) (-2.70%) were in the red, while their fixed income CEF brethren managed to keep their three-month winning streak alive, rising 1.20% on a NAV basis.

All fixed income CEF classifications were in the black for January, with domestic taxable fixed income funds (+2.17%) outpacing Municipal Bond Funds (+0.75%) and World Bond Funds (+0.60%).

Income & Preferred Stock Funds (+0.91%) was the only equity classification posting a plus-side return for January.

For the month 68% of all CEFs posted returns in the black, with just 18% of equity CEFs and 95% of fixed income CEFs posting positive returns.

Lower-quality issues rose to the top of the fixed income universe, with High Current Yield Funds (+2.74%) and Loan Participation Funds (+2.53%) leading the way.

In January the median discount of all CEFs narrowed 31 basis points (bps) to 4.87%. World Income Funds witnessed the largest narrowing of discounts of all the macro-groups.

Malaysian Fund Market Insight Report December 09 - A Beta Booster Year (Executive Summary)

Fri, 15 Jan 2010 00:00:00 Z

The FTSE Bursa Malaysia KLCI was up 1.09% for the month of December and
45.17% for the year 2009, making it the underperforming market against its
ASEAN neighbors.
The equity fund group was the best performing group for December and for
the year 2009, returning 2.14% and 44.12% on average, respectively.
Mixed-asset was next in line for the best performing asset group; for the month of December it returned 1.58% and for 2009 it returned 27.83% on average.
Money Market MYR funds was the underperforming asset group for 2009,
returning 2.10%.
Bond funds turned in a double-digit return of 10.62% on average for 2009.

Hong Kong MPF Market (Executive Summary) - December 2009 (English)

lipperclientservices@thomsonreuters.com — Fri, 15 Jan 2010 00:00:00 Z

Hong Kong MPFs gained 0.52% on average for December, their tenth consecutive month since March 2009 of posting a positive monthly return. This translated into a gain of 36.25% for the past ten months.

• Equity MPFs, recording a positive return of 1.99% on average for December, outperformed all other types of MPFs for the fourth consecutive month.

• Mixed-asset MPFs incurred a loss of 0.18% on average, while bond MPFs, underperforming all other asset-type fund groups, on average fell 2.68% for the month.

• The increase of the bank’s required reserve ratio in China was a necessary and prudent step to sustain the Chinese economy to grow in a steady pace and to prevent it from being disrupted by the asset-price bubble and speculative investment activities.

• As such, investors should anticipate further tightening measures in the coming months but the dose will be imposed gradually and mildly, which should be regarded as positive catalysts for the long-term of investment outlook of China and the global financial markets.

Hong Kong MPF Market (Executive Summary) - December 2009 (Chinese)

Fri, 15 Jan 2010 00:00:00 Z

• 香港強積金12月平均上漲0.52%，是自2009年3月以來連續第十個月錄得月度正回報，令強積金在過去十個月裏的累計漲幅達到36.25%。

• 股票強積金12月平均上漲1.99%，回報率連續第四個月超越其他資產類別的強積金。

• 混合型強積金12月平均下跌0.18%，債券強積金更是平均虧損2.68%，表現遜於所有其他強積金類別。

• 中國人民銀行出人意料的宣佈上調存款准備金率是必需和慎重的行動，以便維護中國經濟保持穩定發展，避免資産價格泡沫和投機性的投資活動幹擾到經濟運行。

• 投資者應當做好准備，未來數月料有更多緊縮措施公佈。不過，緊縮手段的實施將是漸進的與溫和的，應當被視為利於中國和全球金融市場長期投資前景的正面推動因素。

Hong Kong Fund Market (Executive Summary) - December 2009 (English)

Fri, 15 Jan 2010 00:00:00 Z

• Funds authorized for sale in Hong Kong gained 1.51% on average for December.

• Equity funds, posting a positive return of 2.85% on average, outperformed all other types of fund groups.

• Commodities funds, recording a return of 0.87% on average, came in second on the performance league table.

• Mixed-asset funds gained 0.47% on average, while bond funds fell 1.63% on average for the month.

• The aggregate asset size of the ETFs in Hong Kong reached US$66.21 billion as of December 31, 2009, up 10.2% from the preceding month.

Hong Kong Fund Market (Executive Summary) - December 2009 (Chinese)

Fri, 15 Jan 2010 00:00:00 Z

• 香港認可買賣基金12月平均上漲1.51%。

• 除了商品、股票和混合型這三類基金，其他資産類別的基金都在12月報出平均負回報。

• 股票基金當月平均錄得2.85%的正回報，表現超越其他所有類別的基金。

• 商品基金的平均回報率位居第二，上漲0.87%。

• 混合型基金平均增長0.47%，而債券基金則平均下跌1.63%。

• 至2009年12月31日，香港市場上的ETF總計資産規模為662.1億美元，較前月增加10.2%。

Thailand Fund Market Insight Report December 09 - A Great Year, But for the Right Reasons? (Executive Summary)

Fri, 15 Jan 2010 00:00:00 Z

The SET Index was up 6.00% for the month of December and up 63.25% for 2009.
The equity fund group was the best performing fund group for December and for 2009, returning 4.87% and 53.41% on average, respectively.
Mixed-asset funds also performed well, returning 4.09% for December and 36.44% on average for 2009.
Equity Thailand was the best performing LGC for December, returning 6.49% on average.
Bond THB was the worst performing LGC for 2009, returning 1.16% on average and underperforming Money Market THB funds (+1.35%) over the same period.

Lipper-Thomson Reuters Asset Allocation Poll Spain December 2009 - SPANISH MANAGERS END THE YEAR WITH A POSITIVE STANCE TOWARD RISKY ASSETS

lipperclientservices@thomsonreuters.com — Mon, 04 Jan 2010 00:00:00 Z

In December Spanish fund managers maintained unchanged their average aggregate asset allocation to equities, remaining clearly overweighted in the asset class.
On the other hand, the aggregate exposure to bonds increased slightly and surpassed the July 2008 level.
The average aggregate allocation to cash continued its decreasing trend and recorded 20.19% for the month, the lowest level since September 2008 when the Lehman Brothers fallout took place.
Corporate bonds continued losing support from Spanish managers. A total of 31% were overweighted in this bond instrument at the end of December, compared to 38% a month earlier, and fewer managers were planning to increase their exposure.

What a Difference a Year Makes—Equity Funds Post Strongest One-Year Return Since 2003!

lipperclientservices@thomsonreuters.com — Thu, 31 Dec 2009 00:00:00 Z

World Equity Funds (+42.38%) posted the strongest one-year return for the sixth year in seven, outpacing its Sector Equity Funds (+35.35%), USDE Funds (+30.25%), and Mixed-Equity Funds (+25.23%) counterparts.
Despite a dismal beginning to the year, equity funds strung together three consecutive quarters of plus-side returns.
For the quarter 74 of the 78 classifications in Lipper's equity funds universe posted plus-side returns. Dedicated Short-Bias Funds (-10.01%) was the biggest loser for the third straight quarter.
Three World Equity Funds classifications put up one-year returns in excess of 70%: Latin American Funds (+113.09%), Emerging Markets Funds (+75.74%), and Pacific ex-Japan Funds (+71.34%).
Despite posting their best performance since 2003, equity funds were still down 24.24% from the 2007 market highs.

The Month in Closed-End Funds: December 2009

lipperclientservices@thomsonreuters.com — Thu, 31 Dec 2009 00:00:00 Z

For the second month in a row both equity (+3.61%) and fixed income (+1.54%) closed-end funds (CEFs) posted returns in the black. For the one-year period just ended equity funds returned 56.47% on a market basis, while bond funds rose 50.45%.
All equity CEF classifications were in the black for November, with the Domestic Equity Funds (+3.73%) macro-group narrowly outpacing its Mixed-Asset Funds (+3.65%) and World Equity Funds (+3.34%) brethren.
For the month of December 93% of all CEFs posted plus-side returns, with 95% of equity CEFs and 91% of fixed income CEFs posting positive returns. In all, only 44 funds were in the red for the month.
Real Estate Funds (+6.91%) rose to the top of the class for December, while Developed Markets Funds (+2.07%) was at the bottom of the equity funds group heap.
In December the median discount of all CEFs narrowed 101 basis points (bps) to 5.18%. The world income funds and municipal bond funds groups witnessed the only widening of discounts of all the macro-groups.

Too Bad We Had to Endure 2008 to Get These Kinds of Returns

Thu, 31 Dec 2009 00:00:00 Z

General U.S. Treasury Funds lost 4.77% for December to finish the year down 6.47%.
Taxable money market funds earned a whopping 17 basis points on average for 2009. The big money out there could have earned 32 basis points in Institutional Money Market Funds. Or not.
High Current Yield Funds gained 2.87% for December and posted a 46.41% annual return.
Muni debt funds had a disappointing fourth quarter (-1.01%) but managed a gain of 15.52% on the year.

Malaysia Fund Market Insight Report November 09 - The Difference A Year Makes (Executive Summary)

lipperclientservices@thomsonreuters.com — Tue, 15 Dec 2009 00:00:00 Z

The FTSE Bursa Malaysia KLCI was up 1.28% for the month of November, underperforming its ASEAN neighbors Singapore and Indonesia during the month.
The mixed-asset fund group was the best performing group for November, returning 1.27% on average.
Equity Sector Gold & Precious Metals was the best performing LGC for
November, with a return of 12.77% on average.
Bond fund returns continued to be mixed, returning 0.77% on average for
November and a positive double-digit 11.43% for the year to date.

Hong Kong MPF Market (Executive Summary) - November 2009 (English)

lipperclientservices@thomsonreuters.com — Tue, 15 Dec 2009 00:00:00 Z

Hong Kong MPFs gained 1.80% on average for November, their ninth consecutive month since March 2009 of posting a positive monthly return. This translated into a gain of 37.46% for the past nine months.

• Equity MPFs, recording a positive return of 2.25% on average, outperformed all other types of MPFs for another month.

• Mixed-asset MPFs, recording a positive return of 2.07% on average, came in second on the performance table.

• Bond MPFs on average gained 1.86% for the month.

• The investment outlook for equity funds remains positive for 2010. However, bond funds generally lack excitement.

Hong Kong MPF Market (Executive Summary) - November 2009 (Chinese)

Tue, 15 Dec 2009 00:00:00 Z

• 香港強積金11月平均上漲1.80%，是自2009年3月以來連續第九個月錄得月度正回報。總觀過去九個月，強積金的平均回報率高達37.46%。

• 股票強積金在當月錄得2.25%的平均正回報，月度表現再次超越其他資産類別。

• 混合型強積金11月平均上漲2.07%，表現位列第二。

• 債券強積金當月平均上漲1.86%。

• 股票強積金在2010年的投資前景仍然正面。債券強積金普遍缺乏正面的刺激因素。

Hong Kong Fund Market (Executive Summary) - November 2009 (English)

Tue, 15 Dec 2009 00:00:00 Z

• Funds authorized for sale in Hong Kong gained 2.43% on average for November.

• Commodities funds, recording a return of 4.32% on average, outperformed all other types of funds.

• Equity funds, posting a positive return of 2.88% on average, came in second on the performance league table.

• Protected funds delivered a positive return of 2.50% on average, while mixed-asset funds gained 2.29% on average for November.

• Bond funds rose 1.68% on average for the month.

• Five exchange-traded funds were launched in November, lifting the number of ETFs in Hong Kong to 42.

• The aggregate asset size of ETFs in Hong Kong reached US$60.1 billion as of November 30, 2009, up 4.7% from the preceding month.

• The investment outlook for equity funds remains positive for 2010. However, bond funds generally lack excitement.

Hong Kong Fund Market (Executive Summary) - November 2009 - Chinese

Tue, 15 Dec 2009 00:00:00 Z

• 香港認可買賣基金11月平均上漲2.43%。

• 商品基金平均錄得4.32%的正回報，超越所有其他類別的基金。

• 股票基金平均上漲2.88%，回報率位居第二。

• 保護基金平均上漲2.50%，混合型基金平均增長2.29%，債券基金的平均漲幅為1.68%。

• 五支追蹤中國市場和一些中國産業的上市交易基金(ETF)在11月推出，使得在香港認可買賣的ETF數量在11月末時達到42家，截至2009年11月30日的ETF總計資産規模為601億美元，較前月增加了4.7%。

• 股票基金在2010年的投資前景仍然正面。債券基金普遍缺乏正面的刺激因素。

Lipper Asset Allocation Poll Spain November 2009 - SPANISH MANAGERS BECOME MORE CAUTIOUS AS MARKETS PAUSE THEIR UPWARD TREND

Fri, 04 Dec 2009 00:00:00 Z

In November Spanish fund managers slightly decreased their average aggregate asset allocation to equities for the first time since February.

On the other hand, the aggregate exposure to bonds was increased 2 percentage points to 35.02%–the highest level since July 2008.

The average aggregate allocation to cash was reduced once again–from 22.01% to 20.77%–but it remained high by historical standards.

The Month in Closed-End Funds: November 2009

lipperclientservices@thomsonreuters.com — Mon, 30 Nov 2009 00:00:00 Z

Back on track, both equity (+4.46%) and fixed income (+0.64%) closed-end funds (CEFs) posted returns in the black. Returns for both asset classes since the market bottom on March 9, 2009, were simply stellar.
All equity CEFs classifications posted plus-side returns for November, with the Domestic Equity Funds (+5.21%) macro-group outpacing its World Equity Funds (+4.14%) and Mixed-Asset Funds (+2.50%) brethren.
For the month of November 86% of all CEFs posted plus-side returns, with 79% of bond CEFs and 96% of equity CEFs posting positive returns. In all, only 94 funds were in the red for the month.
Sector Equity Funds (+6.46%) took the top slot on the leader board in November, while Income & Preferred Stock Funds (+2.09%, October’s leader) slid to the bottom of the equity group.
In November the median discount of all CEFs narrowed 96 basis points (bps) to 6.19%. The single-state municipal debt funds group witnessed the only widening of discounts of all the macro-groups (80 bps to 5.58%).

GCC Fund Market Summary Quarterly Analysis Q3 2009

Wed, 18 Nov 2009 00:00:00 Z

GCC Markets Continued their Upward Trend for Third Quarter 2009 with the Exception of the Kuwaiti and the Bahraini Markets

The Ongoing Market Recovery Drove Assets Under Management in the Pan-European ETF Segment to a New All-Time High

Mon, 16 Nov 2009 00:00:00 Z

This Lipper Fund Market Inside report gives the reader a detailed overview on the developments within the pan-European ETF market:

Assets under management (AUM) in the pan-European exchange-traded funds (ETF) growth 147.08 billion euros.

The variety of exchange-traded funds was still rising; 80 ETFs were launched during third quarter 2009.

The average monthly turnover in euros in the third quarter was up 5.37%

Only nine equity funds had negative performance for third quarter 2009.

Equity sector financials was the best performing equity sector for third quarter 2009.

Currency movements and expectations on inflation were, in combination with decreasing spreads, the main performance drivers in the bond segment.

Within the commodities segment silver and palladium delivered the best performance for third quarter 2009.

The Ongoing Market Recovery Drove Assets Under Management in the Pan-European ETF Segment to a New All-Time High

lipperclientservices@thomsonreuters.com — Mon, 16 Nov 2009 00:00:00 Z

This Lipper Fund Market Inside report gives the reader a detailed overview on the developments within the pan-European ETF market:

Assets under management (AUM) in the pan-European exchange-traded funds (ETF) grow up to 147.08 billion euros.

The variety of exchange-traded funds was still rising; 80 ETFs were launched during third quarter 2009.

The average monthly turnover in euros in the third quarter was up 5.37%

Only nine equity funds had negative performance for third quarter 2009.

Equity sector financials was the best performing equity sector for third quarter 2009.

Currency movements and expectations on inflation were, in combination with decreasing spreads, the main performance drivers in the bond segment.

Within the commodities segment silver and palladium delivered the best performance for third quarter 2009.

Hong Kong MPF Market Summary (Executive Summary - Oct 2009 -English)

lipperclientservices@thomsonreuters.com — Fri, 13 Nov 2009 00:00:00 Z

Hong Kong Fund Market Summary (Executive Summary - Oct 2009 - English)

Fri, 13 Nov 2009 00:00:00 Z

Funds authorized for sale in Hong Kong declined 0.08% on average for October. Their average return was dragged down by equity funds and protected funds, which incurred losses of 0.51% and 1.46% on average, respectively, for the month.

• Commodities funds, recording a return of 5.54% on average, outperformed all other types of funds.

• Guaranteed funds, posting a positive return of 0.99% on average, came in second on the performance league table.

• Bond funds delivered a positive return of 0.96% on average, while absolute return funds climbed 0.95% on average for October.

• Mixed-asset funds gained 0.12% on average for the month.

• The G20 nations’ decision to maintain their economic stimulus measures implies that the supply of cheap capital in the global financial market will be remained in the near term, which can encourage more speculative trading in the financial markets and boost asset prices.

• However, renewed concerns that another asset bubble is being made and may burst in the coming years appear premature at this stage.

Hong Kong Fund Market Summary (Executive Summary - Oct 2009 - Chinese)

Fri, 13 Nov 2009 00:00:00 Z

• 香港認可買賣基金10月平均下跌0.08%，整體平均回報率受到股票基金和保護基金的拖累，兩類基金當月分別下滑0.51%和1.46%。

• 商品基金的月度表現超越其他所有類別，10月錄得5.54%的平均正回報。

• 保證基金的回報率位居第二，當月平均上漲0.99%。

• 此外，債券基金平均上漲0.96%，絕對回報基金平均上升0.95%。

• 混合型基金當月平均增長0.12%。

• G20成員國決定維持他們的經濟刺激舉措，暗示向全球金融市場提供的低成本資金不太可能在近期削減，這將鼓勵更多的投機性交易在金融市場中發生。投機活動會推升資産價格，並有可能進而助燃通貨膨脹，引發資産價格在長期步入再通脹循環。

• 但是在現階段就開始擔憂新一輪資産泡沫的形成及其可能在未來數年後的破滅，似乎還顯得為時過早。

Hong Kong MPF Market Summary (Executive Summary - Oct 2009 - Chinese)

Fri, 13 Nov 2009 00:00:00 Z

• 香港強積金10月平均上漲0.42%，為2009年3月以來連續第八個月錄得月度正回報。

• 股票強積金平均上漲0.69%，月回報又一次超越了其他資産類別的強積金。

• 保證強積金平均錄得0.38%的正回報，表現位居第二。

• 債券強積金平均上漲0.36%，混合型強積金的平均回報為0.25%。

• 但是在現階段就開始擔憂新一輪資産泡沫的形成及其可能在未來數年後的破滅，似乎還顯得為時過早。

Lipper-Thomson Reuters Spanish Asset Allocation Poll October 09 - SPANISH MANAGERS TAKE A PRUDENT STANCE IN VIEW OF INCREASING MARKET VOLATILITY

Fri, 06 Nov 2009 00:00:00 Z

Spanish fund managers increased only slightly their exposure to stocks in October, putting an end to months of significant rises.
The aggregate allocation to liquidity remained virtually unchanged, while the average exposure to bonds was reduced slightly—from 33.52% to 33.02%.
The aggregate average allocation to alternatives (3.24%) as in previous months remained basically unchanged.
Liquidity remained high by historical standards, but only 15% of managers were planning to decrease their exposure over the next three months—down from 31% at the end of September.

The Month in Closed-End Funds: October 2009

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

For the first time in several months both equity (-1.20%) and fixed income (-1.55%) closed-end funds (CEFs) posted returns in the red but were still up handsomely since the market bottom on March 9, 2009.
Mixed-Asset Funds (+0.62%) was the only equity macro-group that chalked up a positive return for October, outpacing its World Equity Funds (-1.06%) and Domestic Equity Funds (-1.81%) brethren.
For the month of October only 33% of all CEFs were able to post plus-side returns, with 37% of bond CEFs and 27% of equity CEFs posting positive returns. In all, 433 funds were in the red for the month.
Coming off a two-month run of top performance, the General Municipal Bond Funds (-3.56%) macro-group crashed and burned, with none of the classifications in the group rising above the breakeven point.
In September the median discount of all CEFs widened a whopping 143 basis points (bps) to 7.15%.

Hong Kong MPF Market (Executive Summary) (English)

Sat, 31 Oct 2009 00:00:00 Z

Click on the link above to access the full version of the current Lipper FundMarket Insight Report.

China Fund Market Insight Report, September 2009 Month-End Analyses—蛰伏待发(摘要版)

lipperclientservices@thomsonreuters.com — Thu, 15 Oct 2009 00:00:00 Z

•中国股市止跌回稳，上综指数上月扬升4.19%，蛰伏待发，前三季度走升52.65%，印度尼西亚及印度股市，今年前三季度分别走升82.05%及77.53%，持续在亚太市场中取得领先位置。 •中国股市止挫，各分类基金9月业绩表现全面扬升，生命周期基金上月平均业绩以5.57%拔得头筹，中国股票基金以5.40%居次。中国股票基金今年前三季度平均业绩增长46.49%，持续取得领先优势，进取混合型平均增长43.29%，灵活混合型及平衡混合型亦分别增长36.76%及32.76%。 •QFII基金9月整体平均业绩增长4.48%，主动式管理相对领先；整体QFII A股基金今年前三季度平均表现升幅达55.28%，被动型取得领先位置，看好节后表现，QFII基金转呈净申购态势。 •QDII基金上月业绩表现平均增长5.79%，略优于国内股票基金，今年前三季度，整体QDII基金平均业绩增长45.02%，与国内股票基金在伯仲之间。 •全球经济振衰起蔽，全面复苏，中国总体经济数据持续造好，支撑中国经济增长不坠；中国延续原有宽松货币政策，股市节后蛰伏待变。

China Fund Market Insight Report, September 2009 Month-End Analyses—The Crouching Dragon (English Summary Version)

Thu, 15 Oct 2009 00:00:00 Z

•The China market rebounded 4.19% for September and rallied 52.65% for the year-to-date period. Indonesia and India continued to keep their lead positions in Asia for the year to date. •All open-end fund categories registered for sale in China posted positive returns for September; Target Maturity rose 5.57% on average and took the lead among all groups. For the year-to-date period Equity China gained 46.49% and outperformed all other groups, while Money Market CNY and Bond China rose 1.10% and 1.11% on average, respectively. •QFII investment quotas extended to 78 institutions and totaled US$15.72 billion at the end of August 2009. Overall, QFII A funds rose 4.48% on average for September, slightly underperforming the domestic equity fund group. For the year-to-date period QFII A funds posted a positive return of 55.28%, outperforming the domestic equity fund group. •Qualified domestic institutional investor (QDII) investment quotas now extend to 56 institutions and total US$55.95 billion. QDII funds overall soared 5.79% on average for September and gained 45.02% on average for the year-to-date period, competing with the domestic equity type. •China's economic rebound continued to broaden, and China is like a crouching dragon waiting to move back to its rally pace.

Taiwan Fund Market Insight Report, September 2009 Month-End Analyses—Blaze of Glory (English Summary Version)

lipperclientservices@thomsonreuters.com — Thu, 15 Oct 2009 00:00:00 Z

•Taiwan regained its momentum and took the lead among all Asian countries in September. The Taiwan Weighted Price Index rallied 10.01% for September and 63.55% for the year-to-date period. •Equity Thailand, Equity Taiwan Small- & Mid-Cap, Equity Sector Gold & Precious Metals, Equity Korea, and Equity Australia were the top-performing types for September. For the year-to-date period the leading equity fund groups were Equity Indonesia, Equity Russia, Equity Emerging Markets Latin America, Equity India, and Equity Thailand, with returns of 115.49%, 91.58%, 77.50%, 72.59%, and 70.90% on average. •Bond Europe High Yield, Bond EUR High Yield, Bond Global High Yield, and Bond Convertibles Europe were the leading bond fund types for September. For the year-to-date period Bond Europe High Yield, Bond EUR High Yield, and Bond Global High Yield were the leading bond fund groups, with returns of 68.16%, 44.39%, and 39.44% on average, respectively. •Taiwan and China are going to hold informal negotiations of an economic cooperation framework agreement (ECFA) in October and are also preparing to sign a memorandum of understanding (MOU) on financial cooperation to boost Taiwan’s economy.

Lipper-Thomson Reuters Asset Allocation Poll Spain September 2009 - SPANISH MANAGERS INCREASE EXPOSURE TO EQUITIES TO PRE-LEHMAN BROTHERS-COLLAPSE LEVEL

lipperclientservices@thomsonreuters.com — Wed, 14 Oct 2009 00:00:00 Z

Spanish fund managers increased their average aggregate allocation to equities to 41.07% after the summer—up from the 38.68% for July. This level of exposure to stocks was the highest reading since September last year, just before the Lehman Brothers affair. The aggregate allocation to liquidity decreased more than 2 percentage points to stand at 22.02%—a level just above that of September last year and still above the long-term average. Exposure to bonds increased very slightly—from 33.37% for July to 33.52% for September, while the aggregate average allocation to alternatives remained unchanged. Only 15% of managers were underweighted in equities for September—down from over 30% two months earlier. The percentage of respondents overweighted in Eurozone stocks was 54%—up from 30% for July.

Equity Funds Chalk up Their Strongest Third Quarter Returns in Over 30 Years

lipperclientservices@thomsonreuters.com — Wed, 30 Sep 2009 00:00:00 Z

- World Equity Funds (+18.76%) posted the best macro-group return for the second quarter in a row, outshining Sector Equity Funds (+18.32%), U.S. Diversified Equity (USDE) Funds (+15.76%), and Mixed-Equity Funds (+12.68%).

- Late-September concerns weighed on equity funds, but the average fund still returned 4.94% for the month.

- For the quarter 98% of all equity and mixed-equity funds posted plus-side returns, with the Dedicated Short-Bias Funds (-22.31%) classification suffering the only negative return.

- For the quarter Real Estate Funds (+32.53%) and Mid-Cap Value Funds (+21.04%) posted their strongest quarterly returns in over 30 years.

- Since the market bottom on March 9, 2009, the average equity fund gained 65.20%, with 5 of the 82 equity classifications posting returns in excess of 100%.

The Month in Closed-End Funds: September 2009

lipperclientservices@thomsonreuters.com — Wed, 30 Sep 2009 00:00:00 Z

- For the seventh and ninth consecutive months, respectively, equity (+5.81%) and fixed income (+6.50%) closed-end funds (CEFs) posted plus-side returns. Both macro-groups posted handsome returns for the year-to-date period ended September 30 and since the market bottom on March 9, 2009.

- World Equity Funds (+6.76%) topped its Mixed-Asset Funds (+6.24%) and Domestic Equity Funds (+5.21%) brethren for September.

- For the month of September 99% of all CEFs were able to post plus-side returns, with 99% of bond CEFs and 98% of equity CEFs chalking up returns in the black. In all, only eight funds were in the red for the month.

- For the second consecutive month General Municipal Bond Funds (+7.60%) outperformed the other fixed income macro-groups for September. And for the third consecutive month none of Lipper's CEF classifications posted a negative return.

- In September the median discount of all CEFs narrowed 4 basis points (bps) to 5.71%.

Bond Funds Hit the Afterburners, Soar Higher

lipperclientservices@thomsonreuters.com — Wed, 30 Sep 2009 00:00:00 Z

-- General U.S. Treasury Funds climbed 4.74% for the quarter to trim the group’s year-to-date loss to 3.53%.

-- Continued low interest rates plagued retail Money Market Funds, which gained only 0.01%—a phenomenon fueling a lot of interest in other fixed income strategies.

-- High Yield Funds rocketed 13.05% for Q3 and posted a 38.59% YTD return.

-- Muni debt funds had an unbelievable quarter, notching a gain of 7.75% on average for the quarter.

Hong Kong MPF Market (Executive Summary) (English)

lipperclientservices@thomsonreuters.com — Tue, 15 Sep 2009 00:00:00 Z

• Hong Kong MPFs gained 0.16% on average for August, their sixth consecutive month of posting a positive monthly return since March 2009. • Bond MPFs, recording a positive return of 1.09% on average, outperformed all other types of MPFs for August. • Mixed-asset MPFs, recording a positive return of 0.58% on average, came in second on the performance table. • Equity MPFs, incurring a loss of 0.32% on average, ended the month at the bottom of the performance table and were the only asset-type fund group posting a negative return on average for the month. • China’s plan in early September to raise the amount foreign funds can invest in Chinese domestic stocks via the Qualified Foreign Institutional Investor Scheme by 25% to US$1 billion has triggered the current round of rally in the global equity markets. • The rally was also driven by further evidence that showed the global economy is emerging from recession. • These catalysts should allow the global equity markets to continue their uptrend pattern.

Hong Kong MPF Market (Executive Summary) (Chinese)

Tue, 15 Sep 2009 00:00:00 Z

• 香港強積金8月平均上漲0.16%，是自2009年3月以來連續第六個月錄得月度正回報。 • 債券強積金8月平均增長1.09%，表現超越所有其他資産類別的強積金，扭轉前月排名落後的境地。 • 混合型強積金8月平均上漲0.58%，回報率位居第二。 • 股票強積金當月則平均下跌0.32%，不但在資産類別表現榜上墊底，而且是8月份唯一出現平均負回報的資産類別基金。 • 經過8月的回調後，股市的超買程度已經減輕。中國政府決定從2009年9月5日起，將透過合格境外投資者(QFII) 投資中國內地股市的外資限額上調25%至10億美元，該計劃引發了全球股市展開當前的這波反彈揚升行情。 • 另外，更多跡象印證全球經濟正在走出衰退，對股市上漲起到推波助瀾的作用。 • 這些正面因素將使得全球股市能夠繼續維持上漲型態。

Emerging Markets Under-perform Amid a Spate of Profit-booking

Tue, 15 Sep 2009 00:00:00 Z

Malaysian Fund Market Insight Report August 09 - A Rally Long in the Tooth (Executive Summary)

lipperclientservices@thomsonreuters.com — Mon, 14 Sep 2009 00:00:00 Z

- The FTSE Bursa Malaysia KLCI was down 0.05% for the month of August as global equity markets witnessed volatility stemming from losses in the Shanghai Stock Exchange.
- Compared to its ASEAN neighbors, the FTSE Bursa Malaysia KLCI continued to underperform on a year-to-date basis.
- Equity funds saw a return of 2.39% on average for August but were beaten by Commodities funds, returning 2.80% on average.
- Bond fund returns continued to be a mixed bag, with a return of 0.80% on average.

The Month in Closed-End Funds: August 2009

lipperclientservices@thomsonreuters.com — Mon, 31 Aug 2009 00:00:00 Z

- For the sixth consecutive month both equity (+3.21%) and fixed income (+3.41%) closed-end funds (CEFs) posted plus-side returns. Both macro-groups posted handsome returns for the year-to-date period ended August 31, 2009.

- Domestic Equity Funds (+3.88%) topped its Mixed-Asset Funds (+3.75%) and World Equity Funds (+1.47%) brethren for August.

- For the month of August 93% of all CEFs were able to post plus-side returns, with 98% of bond CEFs and 84% of equity CEFs chalking up returns in the black.

- After being the laggard in July, General Municipal Bond Funds (+3.95%) outperformed the other fixed income macro-groups in August for the first time in six months. And for the second consecutive month none of Lipper’s CEF classifications posted a negative return.

- In July the median discount of all CEFs narrowed 31 basis points (bps) to 5.75%.

Is the Crisis Over? The Pan-European ETF Segment Shows a High Growth Rate During the Market Recovery

Tue, 18 Aug 2009 00:00:00 Z

Highlights of the report: · Assets under management in pan-European exchange-traded funds rose 12.02% to 123.65 billion euros from March 31, 2009 to June 30, 2009. · The average monthly turnover Q2 was up 34.69%—from 22.14 billion euros in Q2 2008 to 29.82 billion euros in Q2 2009. · The positive stockmarket environment was reflected in the performance tables, where only one equity fund had a negative performance for Q2 2009. · Within the bond segment, funds denominated in US dollars and long-dated funds showed negative returns. Funds denominated in British pounds, as well as corporate bond funds and emerging market bond funds, showed the highest returns for Q2 2009. Also: · Equity India and Turkey were the best performing equity sectors in second quarter 2009. · Currency movements and inflation expectations were the main performance drivers in the bond segment. · The variety of exchange-traded funds is still rising; 53 ETFs were launched during second quarter 2009. As an analysis of the major ETF promoters is included, the product mix and the growth of assets under management for the major ETF promoters are also examined. You will even though find an analysis of the Turkish ETF market.