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With trade-war rhetoric between China and the U.S. ratcheting up and President Trump’s $250 billion in new China tariffs now in effect, some asset classes that had not been as impacted by global trade are gaining attention. For the Lipper fund-flows week ended September 26, 2018, small-cap funds (including ETFs) attracted some $2.6 billion net, witnessing inflows for an eighth consecutive week.
In contrast, overall equity funds witnessed net outflows for the third week in four, handing back $582 million for the most recent week. The pariah of the equity universe, large-cap funds (which are heavily influenced by multi-national firms) suffered net redemptions for the first week in three, handing back $1.8 billion this past week. Large-cap funds have experienced net redemptions for each of the last three years and are in net-redemption territory for this year to date (through the most recent fund-flows week), suffering net redemptions to the tune of $20.3 billion.
While small-cap funds suffered net redemptions for 2017 (-$2.6 billion), they witnessed net inflows for 2016 (+$13.8 billion). Investors have also padded small-cap funds’ coffers so far in 2018, injecting a net $27.7 billion. Some of this can be attributed to the small-cap premium investors expect from taking on more relative risk, but with large-cap indices hitting record highs and concerns growing about the impact a trade war can have on the global markets, investors appear to be expecting greater returns from small-cap firms that might not be as vulnerable to global trade issues.
For the month of May, investors injected some $167.5 billion into the mutual fund ...
The Lipper Loan Participation Funds classification—including both conventional mutual ...
Funds in Refinitiv Lipper’s municipal debt peer groups (including both mutual funds and ...
Funds in Refinitiv Lipper’s Inflation-Protected Bond (TIPS) classification (including ...