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February: funds that lost the most

Citywire Asia presents the top five sectors and funds that saw the most net outflows in February

In this gallery, we examine the top sectors and funds that saw the most net outflows in February 2018.

The analysis is based on global fund flows experienced by funds available for sale in Singapore and/or Hong Kong. All flow figures are in US dollars.

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In February 2018, the global corporates bond sector saw net redemptions of $915.7 million, ending its 13-month inflow streak since last January.

Withdrawals from the sector were driven by the PIMCO GIS Global Invt Grade Credit Inst USD Inc fund. The fund saw cumulative outflows of $839.7 million over the first two months of 2018.

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Flows for the PIMCO GIS Income fund turned negative for the first time in 26 months in February.

The blockbuster fund accumulated net new assets of $46.2 billion in 2017 and kick started 2018 with inflows of $2.2 billion in January. However, investors' optimism for the fund faded a month after with the fund seeing net withdrawals of $850.1 million.

 As of end February 2018, the fund had assets under management of $73.6 billion.

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The Euro corporates bond sector bled $1.2 billion in February 2018, more than double that of January 2018 ($520.0 million).

Over one year to February 2018, the Invesco Euro Corporate Bond A Acc EUR fund outperformed its reference benchmark by 70 basis points, but failed to inspire investors' confidence - the fund has been seeing net outflows since April 2016. It is co-managed by Paul Read and Julien Eberhardt.

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The global high yield bond sector started 2018 with net new money of $493.5 million in January 2018. However, flows turned negative in February with the sector reporting net withdrawals of $2.1 billion.

The AB FCP I-Global High Yield Portfolio I USD fund has been seeing consistent redemptions since October 2017. Over the last five months, the fund saw an average monthly outflow of $291.7 million.

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Investors withdrew $2.4 billion from the US Dollar high yield bond sector in February, extending its streak of outflows to the ninth month running. The sector saw an average net withdrawal of $52.5 million per fund, with 76.1% of the funds experiencing redemptions in February.

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