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Fund Flows Part V: what has been selling?

Citywire Asia presents the top net inflows funds in the bonds – emerging markets global hard currency category.   

Top five sectors of fund inflows

On the last day of our series on sectors with top net inflows, we take a look at the funds within Bonds – Emerging Markets Global Hard Currency 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 here are in US dollar terms.

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5. AB FCP I-Emerging Markets Debt Portfolio A USD, Alliance Bernstein

Managers: Paul DeNoon (+ rated); Marco Santamaria (A rated); Christian DiClementi ; Shamaila Khan

Net inflows: $191.42 million

The fifth place in the bonds – emerging markets global hard currency category is taken by AB FCP I-Emerging Markets Debt Portfolio A USD, a fund from Alliance Bernstein.

As of September 30, the fund’s top three asset classes were all governments bonds (76.8%), quasi-sovereign (15.9%) and corporates (5.8%).

The portfolio's investment objective is to maximize total returns from price appreciation and income. Its investments in sovereign debt obligations and non-US corporate fixed-income securities, emphasising countries that are included in the JP Morgan Emerging Markets Bond Index Global or are considered at the time of purchase to be emerging markets or developing countries.

The fund invests at least two-thirds of its total assets in sovereign and quasi-sovereign, i.e. debt issued by supranational organisations, other government-related entities and debt obligations.

Launched in March 2006, the fund is registered for sale in Hong Kong and Singapore via Luxembourg.

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4. Fidelity Funds - Emerging Mkt Dbt A-ACC-USD, Fidelity International

Managers: Steve Ellis

Net inflows: $224.16 million

Fidelity International’s Fidelity Funds – Emerging Mkt Dbt A-ACC-USD is in fourth place in the bonds – emerging markets global hard currency category.

The fund aims to achieve income and capital appreciation through primarily investing in global emerging markets debt securities.

It may also invest in other types of securities, including local market debt instruments, fixed income, equity securities, corporate bonds of emerging market issuers and lower quality debt securities.

Investments will be made within, although not limited to, Latin America, South East Asia, Africa, Eastern Europe, including Russia and the Middle East.

The fund may invest its net assets directly in onshore China fixed income securities listed or traded on any eligible market in China.

Domiciled in Luxembourg, the fund was launched in 2006 and is available for sale in Hong Kong and Singapore.

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3. Nordea 1 - Emerging Market Bond BP USD, Nordea

Managers: David Bessey (+ rated); Cathy Hepworth (+ rated)

Net inflows: $224.58 million

Nordea 1 - Emerging Market Bond BP USD from Nordea stands at number three in this sector's rankings.

The fund’s top three asset allocations by countries were Mexico (5.9%), Brazil (5.9%) and Argentina (5.7%) by the end of September.

This fund invests a minimum of two-thirds of its total assets in fixed income and floating rate debt securities issued by public authorities and private borrowers, which are domiciled or exercise the predominant part of their economic activity in an emerging market country.

The securities are denominated in hard currencies, such as US Dollar or euro.

Launched in May 2012, the fund is domiciled in Luxembourg and available for sale in Singapore.

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2. Pictet-Global Emerging Debt-P USD, Pictet Asset Management

Managers: Simon Lue-Fong

Net inflows: $418.24 million

Pictet AM’s Pictet-Global Emerging Debt-P USD fund gets the second place in this sector, run by Simon Lue-Fong.

By the end of September, the fund’s top three asset classes were global fixed interest (63.2%), Middle East & African fixed interest (7.7%) and American emerging fixed interest (6.5%).

The fund seeks capital growth by investing at least two-thirds of its total assets in a diversified portfolio of bonds and other debt instruments issued or guaranteed by national or local governments of emerging markets and/or other issuers domiciled in an emerging market.

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

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1. BGF Emerging Markets Bond A2 USD, BlackRock

Managers: Michel Aubenas; Sergio Trigo Paz

Net inflows: $478.77 million

The top fund is BGF Emerging Markets Bond A2 USD from BlackRock, run by Michel Aubenas and Sergio Trigo.

The fund’s top three asset classes were external government debt (63.77%), quasi government debt (22.10%) and cash and derivatives (10.15%) by the end of October.

The fund seeks to maximise total returns. It invests at least 70% of its total assets in the fixed income transferable securities of governments and agencies of, and companies domiciled or exercising the predominant part of their economic activity in, emerging markets.

It may invest in the full spectrum of available securities, including non-investment grade, while currency exposure is flexibly managed.

Launched in October 2004, the fund is registered for sale in Hong Kong and Singapore via Luxembourg.

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Related Fund Managers

Paul DeNoon
Paul DeNoon
22/67 in Bonds - Emerging Markets Global Corporates (Performance over 3 years) Average Total Return: 14.94%
Shamaila Khan
Shamaila Khan
23/67 in Bonds - Emerging Markets Global Corporates (Performance over 3 years) Average Total Return: 14.94%
Steve Ellis
Steve Ellis
13/67 in Bonds - Emerging Markets Global Corporates (Performance over 3 years) Average Total Return: 15.95%
David Bessey
David Bessey
77/101 in Bonds - Emerging Markets Global Corporates (Performance over 1 year) Average Total Return: 6.23%
Cathy Hepworth
Cathy Hepworth
76/101 in Bonds - Emerging Markets Global Corporates (Performance over 1 year) Average Total Return: 6.23%
Sergio Trigo Paz
Sergio Trigo Paz
27/67 in Bonds - Emerging Markets Global Corporates (Performance over 3 years) Average Total Return: 14.38%
Christian DiClementi
Christian DiClementi
32/225 in Bonds - Emerging Markets Global Hard Currency (Performance over 1 year) Average Total Return: 11.77%
Simon Lue-Fong
Simon Lue-Fong
119/155 in Bonds - Emerging Markets Global Hard Currency (Performance over 3 years) Average Total Return: 4.83%
Michel Aubenas
Michel Aubenas
24/155 in Bonds - Emerging Markets Global Hard Currency (Performance over 3 years) Average Total Return: 18.11%
Marco Santamaria
Marco Santamaria
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