Barclays on U.S. Brokers, Asset Managers & Exchanges: November Mutual Fund Data Analysis
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Rating Summary:
4 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 2 | Down: 3 | New: 2
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Barclays on U.S. Brokers, Asset Managers & Exchanges: November Mutual Fund Data Analysis
Analyst, Roger A. Freeman, said, "We reviewed Strategic Insight Simfund's November data for U.S. mutual funds. For the month, mutual fund assets under management (AUM) for the industry decreased 0.5% sequentially to $11.43trn (reflecting +0.4% flows and -0.9% returns), which includes equity funds decreasing 1.6% to $6.05trn (-0.3% flows; -1.3% returns), bond funds decreasing 0.2% to $2.82trn (+0.6% flows; -0.7% returns), and money market funds increasing 1.7% to $2.57trn."
Following are highlights for our managers under coverage on mutual fund AUM trends:
(1) Fund AUM (across equities, bonds, and money markets) among the publicly traded asset managers decreased 0.8% on average. Within our coverage, Federated Investors (NYSE: FII) and Legg Mason (NYSE: LM) were the only 2 managers with AUM increasing sequentially mainly driven by money market flows.
(2) Fund performance across the publicly traded asset managers was negative 1.1% across asset classes. JNS posted the biggest losses at -2.0% on a blended basis across its mutual funds, followed by Franklin Resources (NYSE: BEN) at -1.5% and Waddell & Reed (NYSE: WDR) at -1.2%.
(3) Looking at organic growth, managers with positive fund flows in aggregate included FII at +2.5%, LM at +1.2%, T. Rowe Price (Nasdaq: TROW) at +0.5%, and Invesco (NYSE: IVZ) at +0.4%. We also highlight TROW and FII were the only two managers posting positive flows across all
three asset classes (i.e., equities, bonds and money markets).
(4) Among flagship fund highlights, WDR's Asset Strategy fund and BEN's Global Bond fund posted net outflows. Additionally, net flows for EV's Global Macro and Floating Rate funds were each about breakeven.
Analyst, Roger A. Freeman, said, "We reviewed Strategic Insight Simfund's November data for U.S. mutual funds. For the month, mutual fund assets under management (AUM) for the industry decreased 0.5% sequentially to $11.43trn (reflecting +0.4% flows and -0.9% returns), which includes equity funds decreasing 1.6% to $6.05trn (-0.3% flows; -1.3% returns), bond funds decreasing 0.2% to $2.82trn (+0.6% flows; -0.7% returns), and money market funds increasing 1.7% to $2.57trn."
Following are highlights for our managers under coverage on mutual fund AUM trends:
(1) Fund AUM (across equities, bonds, and money markets) among the publicly traded asset managers decreased 0.8% on average. Within our coverage, Federated Investors (NYSE: FII) and Legg Mason (NYSE: LM) were the only 2 managers with AUM increasing sequentially mainly driven by money market flows.
(2) Fund performance across the publicly traded asset managers was negative 1.1% across asset classes. JNS posted the biggest losses at -2.0% on a blended basis across its mutual funds, followed by Franklin Resources (NYSE: BEN) at -1.5% and Waddell & Reed (NYSE: WDR) at -1.2%.
(3) Looking at organic growth, managers with positive fund flows in aggregate included FII at +2.5%, LM at +1.2%, T. Rowe Price (Nasdaq: TROW) at +0.5%, and Invesco (NYSE: IVZ) at +0.4%. We also highlight TROW and FII were the only two managers posting positive flows across all
three asset classes (i.e., equities, bonds and money markets).
(4) Among flagship fund highlights, WDR's Asset Strategy fund and BEN's Global Bond fund posted net outflows. Additionally, net flows for EV's Global Macro and Floating Rate funds were each about breakeven.
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