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Fund Flows Part III: what has been selling?

Citywire Asia presents the top net inflows funds in the bonds – euro short term category.  

Top five sectors of fund inflows

On the third day of our series on top flowing sectors, we take a look at the funds within Bond – Euro Short Term category that have benefited the most.

The analysis is based on global fund flows experienced by funds available for sale in Singapore and/or Hong Kong for the three months of August to October 2016.

All net inflows taken into account are in US dollar terms.

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5. CS (Lux) Corporate Short Duration EUR Bd Fd UA, Credit Suisse Asset Management

Managers: Romeo Sakac

Net inflows: $161.68 million

The fifth place within the bonds – euro short term category goes to CS (Lux) Corporate Short Duration EUR Bd Fd UA, which is a sub-fund of CS (Lux) Corporate Short Duration EUR Bd Fd A.

As of September 30, the fund’s top three asset allocations by region were USA (18.8%), UK (12.5%) and Germany (10.7%).

This bond fund aims to outperform the return of the three-month Libor EUR benchmark. It invests mainly in fixed income securities with a maturity between one and five years of corporate issuers which have a minimum credit rating of BBB- (Standard & Poors).

The sub-fund was launched in January 2015 and is registered for sale in Singapore via Luxembourg.

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4. Fidelity Funds - Euro Short Term Bond A-ACC-EUR, Fidelity International

Managers: David Simner (A rated); Peter Khan (A rated)

Net inflows: $205.41 million

Coming to the fourth place in this sector is Fidelity Funds - Euro Short Term Bond A-ACC-EUR of Fidelity International, co-managed by David Simner and Peter Khan, both are Citywire A rated.

By the end of September, the fund’s top three holdings were Spain Kingdom (16.24%), Italy government (12.57%) and Buoni Del Tesoro (4.48%).

The fund invests primarily in euro-denominated debt securities, focusing its investments in investment grade European fixed-rate bonds with less than five years to maturity. The average duration of the investments of the fund will not exceed three years.

Launched in March, 2008, the fund is domiciled in Luxembourg and available for sale in Hong Kong and Singapore.

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3. BGF Euro Short Duration Bond A2 EUR, BlackRock

Managers: Michael Krautzberger (A rated); Christopher Allen

Net inflows: $211.47 million

BGF Euro Short Duration Bond A2 EUR, a fund from BlackRock, gets the third place in this category.

The fund’s top three asset allocations by region were Italy (21.24%), France (16.97%) and Spain (9.18%).

It seeks to maximise total return, and invests at least 80% of its total assets in investment grade fixed income transferable securities. At least 70% of total assets will be invested in fixed income transferable securities denominated in euro with a duration of less than five years.

The average duration is not more than three years and currency exposure is flexibly managed.

Domiciled in Luxembourg, the fund was launched in January, 1999 and is available for sale in Hong Kong and Singapore.

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2. Morgan Stanley Short Maturity Euro Bond I EUR, Morgan Stanley Asset Management

Managers: Richard Ford ; Richard Class

Net inflows: $570.62 million

The second place goes to Morgan Stanley Short Maturity Euro Bond I EUR, a sub-fund of Morgan Stanley Short Maturity Euro Bond A EUR.

By the end of October, the fund’s asset allocations by region were Italy (19.59%), Spain (19.13%) and France (9.54%).

The investment objective of this sub-fund is to provide an attractive rate of relative return, measured in euro.

This objective will be achieved by investing in high quality fixed income securities denominated in the euro. It will invest primarily, in order to reduce volatility, in individual securities with maturity dates having a maximum unexpired term of five years.

Launched in August, 1994, the fund is domiciled in Luxembourg and available for sale in Singapore.

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1. Carmignac Securite A EUR acc, Carmignac

Managers: Keith Ney (AA rated)

Net inflows: $1,370.44 million

The first place of this category goes to Carmignac Securite A EUR acc, managed by Citywire AA rated Keith Ney from Carmignac.

By the end of October, the fund’s top three sectors were financials (52.7%), consumer discretionary (13.9%) and healthcare (7.2%).

The fund invests in bonds and other debt securities denominated in euro. In its position-recommendation 2011-2025, the French regulator states that this fund may increase the limit on cash holdings from 10% to 20% of net assets when exceptional market circumstances allow.

Domiciled in France, the fund was launched in January, 1989 and is available for sale in Singapore.

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Related Fund Managers

Romeo Sakac
Romeo Sakac
47/157 in Bonds - Euro Short Term (Performance over 1 year) Average Total Return: 1.13%
David Simner
David Simner
16/124 in Bonds - Euro Short Term (Performance over 3 years) Average Total Return: 5.32%
Peter Khan
Peter Khan
17/124 in Bonds - Euro Short Term (Performance over 3 years) Average Total Return: 5.21%
Michael Krautzberger
Michael Krautzberger
35/124 in Bonds - Euro Short Term (Performance over 3 years) Average Total Return: 3.71%
Christopher Allen
Christopher Allen
86/157 in Bonds - Euro Short Term (Performance over 1 year) Average Total Return: 0.57%
Richard Ford
Richard Ford
78/124 in Bonds - Euro Short Term (Performance over 3 years) Average Total Return: 1.79%
Richard Class
Richard Class
97/157 in Bonds - Euro Short Term (Performance over 1 year) Average Total Return: 0.45%
Keith Ney
Keith Ney
19/124 in Bonds - Euro Short Term (Performance over 3 years) Average Total Return: 4.95%
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