Investors were overall net redeemers of fund assets (including both conventional funds and ETFs) for the first week in the last 10 as they withdrew $14.0 billion out of the market during Refinitiv Lipper’s U.S. fund-flows week ended April 14, 2021. Money market funds (-$27.8 billion) were the sole driver of redemptions. Taxable bond (+$9.1 billion), tax-exempt bond (+2.3 billion), and equity (+$760 million) funds all attracted net inflows over the trailing five trading days. The past fund-flows week marks the first time in nearly six months where we have seen back-to-back weeks of outflows from money market funds. The

The first quarter of 2017 was a very good one overall for the pan-European funds market. Lipper data reveals nearly €170 billion of estimated net sales for the period for active, tracker and exchange traded funds (ETFs) combined. This is 70% of total net sales for the whole of 2016 and suggests that in the absence of any market catastrophe, the industry could be on target for a record year of sales. Exhibit 1. Pan European Mutual Fund Estimated Net Flows The first quarter of 2017 also revealed that investors’ affection for passive investments remains strong with total estimated net

This Monday Morning Memo is written based on a speech by Jean-René Giraud, Chief Executive Officer at TrackInsight  during the TrackInsight Investor Summit–Germany in Frankfurt on March 29, 2017. During his speech Jean-René discussed some common errors advisors and investors make as they evaluate exchange-traded funds (ETFs). Tracking error as a measure to evaluate the tracking quality of an ETF The first wrong assumption he stressed was that investors believe tracking error is a good measure to evaluate the quality of an ETF; they think a low tracking error is good, while a high tracking error is bad. He pointed