Podcasts – Lipper Alpha Insight

CEFA Podcast: Refinitiv Lipper’s Q3 2021 Closed-End Fund Market Review

Tom Roseen — Fri, 15 Oct 2021 21:09:08 +0000

Tom Roseen, Head of Research Services with Refinitiv Lipper and author of the Closed-End Funds FundMarket Insight Report alongside the Closed-End Fund Association discuss Tom’s insights on the third-quarter closed-end fund performance and premium/discount behavior.

The views expressed are the views of the interviewee and not necessarily those of Refinitiv. This material is provided as market commentary and for educational purposes only and does not constitute investment research or advice. Refinitiv cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this interview or from any other source mentioned. Please consult with a qualified professional for financial advice.

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CEFA Podcast: Refinitiv Lipper’s June 2021 Closed-End Fund Market Review

Tom Roseen — Thu, 15 Jul 2021 20:33:19 +0000

Tom Roseen, Head of Research Services with Refinitiv Lipper and author of the Closed-End Funds FundMarket Insight Report alongside the Closed-End Fund Association discuss Tom’s insights on June’s closed-end fund performance and premium/discount behavior.

The Two Biggest Risks for Markets | The Big Conversation | Refinitiv

Tom Roseen — Fri, 11 Jun 2021 19:33:27 +0000

This week Real Vision’s Roger Hirst uses Refinitiv’s best-in-class data to look at the biggest risks for financial markets. Inflation may be the headline grabber at the moment, but it’s the impact on bond yields and the US dollar that really matter. If they don’t move, markets can tolerate higher inflation. So far, bond yields have responded well to the inflation scare, but a move in either direction by the dollar could now be a problem. In this week’s Chatter, Tom Roseen, Head of Research Services at Refinitiv Lipper, outlines the fund flows that have been driving the market this year.

CEFA Podcast: Refinitiv Lipper’s March 2021 Closed-End Fund Market Review

Tom Roseen — Wed, 14 Apr 2021 16:15:28 +0000

Tom Roseen, Head of Research Services with Refinitiv Lipper and author of the Closed-End Funds FundMarket Insight Report alongside the Closed-End Fund Association discuss Tom’s insights on March’s closed-end fund performance and premium/discounts behavior.

CEFA Podcast: Refinitiv Lipper’s February 2021 Closed-End Fund Market Review

Tom Roseen — Thu, 11 Mar 2021 20:36:05 +0000

Tom Roseen, Head of Research Services with Refinitiv Lipper and author of the Closed-End Funds FundMarket Insight Report—which provides in-depth monthly commentary on the closed-end fund market—and the Closed-End Fund Association discuss Tom’s insights on February’s closed-end fund market action.

CEFA Podcast: Refinitiv Lipper’s January 2021 Closed-End Fund Market Review

Tom Roseen — Wed, 10 Feb 2021 20:14:41 +0000

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – January 13, 2021

Tom Roseen — Sun, 17 Jan 2021 23:39:28 +0000

Investors were overall net purchasers of fund assets (including those of conventional funds and ETFs) for the third week in four. They injected $22.9 billion for Refinitiv Lipper’s fund-flows week ended January 13, 2021. Fund investors padded the coffers of taxable bond funds (+$9.0 billion), money market funds (+$5.9 billion), equity funds (+$5.4 billion), and tax-exempt fixed income funds (+$2.6 billion) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

CEFA Podcast: Refinitiv Lipper’s December Closed-End Fund Market Review

Tom Roseen — Wed, 13 Jan 2021 21:31:31 +0000

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – January 6, 2021

Tom Roseen — Sat, 09 Jan 2021 21:56:08 +0000

Investors were overall net redeemers of fund assets (including those of conventional funds and ETFs) for the first week in three. They withdrew $8.5 billion for Refinitiv Lipper’s fund-flows week ended January 6, 2021, despite pushing the Dow to another set of record closes during the week. Fund investors withdrew $5.4 billion from equity funds and a net $10.1 billion from money market funds. Meanwhile, investors were net purchasers of taxable and tax-exempt fixed income funds, injecting slightly less than $6.0 billion and $1.1 billion, respectively, this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

CEFA Podcast: Refinitiv Lipper’s November Closed-End Fund Market Review

Tom Roseen — Mon, 07 Dec 2020 23:07:31 +0000

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – November 11, 2020

Tom Roseen — Fri, 13 Nov 2020 23:40:09 +0000

Investors were overall net purchasers of fund assets (including those of conventional funds and ETFs) for the first week in 14. They injected $27.7 billion for Refinitiv Lipper’s fund-flows week ended November 11, 2020, as they cheered the announcement of a successful Phase 3 study of a COVID-19 vaccine by Pfizer and BioNTech. Fund investors were net purchasers of long-term assets, putting $23.8 billion into equity funds (their third largest weekly net inflows on record going back to 1992), $7.1 billion into taxable bond funds, and $1.2 billion into municipal bond funds. Meanwhile, money market funds (-$4.4 billion) witnessed the only net redemptions of the group this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

CEFA Podcast: Refinitiv Lipper’s October Closed-End Fund Market Review

Tom Roseen — Wed, 11 Nov 2020 18:28:41 +0000

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – October 21, 2020

Tom Roseen — Sun, 25 Oct 2020 21:31:11 +0000

Investors were overall net redeemers of fund assets (including those of conventional funds and ETFs) for the eleventh week in a row, withdrawing $7.6 billion for Refinitiv Lipper’s fund-flows week ended October 21, 2020 as they paid attention to increasing uncertainty in the market. Fund investors were net redeemers of money market and equity funds during the week, withdrawing $9.3 billion and $5.7 billion, respectively, while being net purchasers of taxable fixed income funds (+$6.8 billion) and municipal bond funds (+$607 million) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – October 14, 2020

Pat Keon, CFA — Fri, 16 Oct 2020 21:49:21 +0000

Refinitiv Lipper’s fund asset groups (including both mutual funds and ETFs) experienced net outflows of $4.7 billion for the fund-flows trading week ended Wednesday, October 14. This week’s results marked the tenth straight overall net negative result for funds. Money market funds (-$18.9 billion) were responsible for all of this week’s net outflows, while taxable bond funds (+$11.2 billion), equity funds (+$2.4 billion), and municipal bond funds (+$614 million) all took in net new money.

Pat Keon, CFA, speaks to the highlights in this week’s video.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – October 7, 2020

Pat Keon, CFA — Sun, 11 Oct 2020 19:28:52 +0000

Refinitiv Lipper’s fund asset groups (including both mutual funds and ETFs) experienced net negative flows of $9.3 billion for the fund-flows trading week ended Wednesday, October 7. This week’s results marked the ninth straight overall net outflow for funds during which time their coffers have contracted by almost $159 billion. In this week’s activity, the net outflows were driven by money market funds (-$20.4 billion) and equity funds (-$6.0 billion). These are long-term trends for both fund asset groups as money market funds and equity funds have experienced net outflows during each of the last 11 and eight weeks, respectively. On the plus side of the ledger, taxable bond funds and municipal bond funds took in net new money of $15.3 billion and $1.7 billion.

Pat Keon, CFA, speaks to the highlights in this week’s video.

CEFA Podcast: Refinitiv Lipper’s September Closed-End Fund Market Review

Tom Roseen — Fri, 09 Oct 2020 21:13:13 +0000

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – September 30, 2020

Tom Roseen — Fri, 02 Oct 2020 21:13:42 +0000

Shrugging off plus-side returns for the week, for the eighth week in a row investors were overall net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $15.9 billion for Refinitiv Lipper’s fund-flows week ended September 30, 2020. Fund investors were net redeemers of all four asset classes, withdrawing $14.0 billion from money market funds, $1.1 billion from taxable fixed income funds, $775 million from municipal bond funds, and $9 million from equity market funds this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – September 23, 2020

Pat Keon, CFA — Sat, 26 Sep 2020 14:27:14 +0000

Refinitiv Lipper’s fund asset groups (including both mutual funds and ETFs) had net outflows of $16.0 billion for the fund-flows trading week ended Wednesday, September 23. Funds have now seen net money leave for seven consecutive weeks during which time their coffers have shrunk by $133.7 billion. In this week’s activity, equity funds (-$14.9 billion) were responsible for the lion’s share of the net outflows, while money market funds contributed $2.7 billion to the total net negative flows. Equity funds have now seen money leave for six straight weeks while money market funds ran their losing streak to nine weeks. On the plus side of the ledger, taxable bond funds (+$1.1 billion) and municipal bond funds (+$499 million) both took in net new money.

Pat Keon, CFA, speaks to the highlights in this week’s video.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – September 16, 2020

Pat Keon, CFA — Sun, 20 Sep 2020 20:45:33 +0000

Refinitiv Lipper’s fund asset groups (including both mutual funds and ETFs) had net outflows of $45.7 billion for the fund-flows trading week ended Wednesday, September 16. Money market funds (-$50.5 billion) and equity funds (-$2.8 billion) accounted for all of the week’s net negative flows. It was the eighth consecutive weekly net outflow for money market funds and the fifth for equity funds. On the positive side of the ledger, taxable bond funds and municipal bond funds took in $7.0 billion and $612 million, respectively.

Pat Keon, CFA, speaks to the highlights in this week’s video.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – September 9, 2020

Tom Roseen — Fri, 11 Sep 2020 23:00:32 +0000

For the fifth week in a row, investors were overall net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $21.8 billion for Refinitiv Lipper’s fund-flows week ended September 9, 2020. The topline number, however, is a little misleading. Fund investors were net purchasers of taxable fixed income funds (+$6.5 billion) and municipal bond funds (+$1.0 billion) while being net redeemers of equity funds (-$1.9 billion) and money market funds (-$27.4 billion) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

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Refinitiv Lipper delivers data on more than 330,000 collective investments in 113 countries. Find out more.

CEFA Podcast: Refinitiv Lipper’s August Closed-End Fund Market Review

Tom Roseen — Wed, 09 Sep 2020 19:52:13 +0000

Tom Roseen, Head of Research Services with Refinitiv Lipper and author of the Fund Market Insight Report—which provides in-depth monthly commentary on the closed-end fund market—and the Closed-End Fund Association discuss Tom’s insights on August’s closed-end fund market action.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – August 26, 2020

Pat Keon, CFA — Fri, 28 Aug 2020 21:11:23 +0000

Refinitiv Lipper’s fund asset groups (including both mutual funds and ETFs) had net outflows of $2.6 billion for the fund-flows trading week ended Wednesday, August 26. Equity Funds (-$7.8 billion) and money market funds (-$4.6 billion) were responsible for all of the net negative flows while taxable bond funds and municipal bond funds took in net new money of $8.7 billion and $1.0 billion, respectively. Taxable and muni bond funds ran their net inflow streaks to twenty weeks and sixteen weeks, respectively.

Pat Keon, CFA, speaks to the highlights in this week’s video.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series—August 19, 2020

Tom Roseen — Fri, 21 Aug 2020 21:18:35 +0000

For the second week in a row, investors were overall net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $10.2 billion for Refinitiv Lipper’s fund-flows week ended August 19, 2020. Fund investors were net purchasers of taxable fixed income funds (+$5.9 billion) and municipal bond funds (+$1.8 billion) while being net redeemers of equity funds (-$6.6 billion) and money market funds (-$11.4 billion) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – August 12, 2020

Pat Keon, CFA — Fri, 14 Aug 2020 22:30:25 +0000

Overall, Refinitiv Lipper’s fund asset groups (including both mutual funds and ETFs) had net negative flows of $470 million for the fund-flows trading week ended Wednesday, August 12. Taking a more granular look at this data shows that ETFs had net inflows of $12.7 billion while mutual funds suffered net outflows of $13.2 billion.

For the week, the only fund asset group to experience net outflows were money market funds (-$17.3 billion). Taxable bond funds paced the net inflows at $8.8 billion, while equity funds (+$5.7 billion) and municipal bond funds (+$2.3 billion) also had net positive flows.

Pat Keon, CFA, speaks to the highlights in this week’s video.

CEFA Podcast: Refinitiv Lipper’s July Closed-End Fund Market Review

Tom Roseen — Thu, 13 Aug 2020 18:14:10 +0000

Closed-end funds have bounced back, but have further to go, says Roseen

Tom Roseen — Tue, 11 Aug 2020 18:49:02 +0000

NAVigator podcast hosted by Chuck Jaffe

On August 7, 2020, Chuck Jaffe and Tom Roseen talked about closed-end fund trends for July on the Money Life Show. Tom Roseen, Head of Research Services at Refinitiv Lipper, says that closed-end fund discounts currently stand at an average of 8.7%, significantly wider than the 5.65% of the past but improved from February and March as closed-end funds were hammered during the pre-pandemic market downturn in his NAVigator interview. Roseen notes that convertible-securities funds have been exceptionally strong during the bounce back—up 25% over the last three months—but that energy MLP funds remain down more than 58% and that natural resources funds are down 34% year to date as they struggle to regain footing; he expects those trends to continue as the economy and the closed-end space slowly recover.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series—August 5, 2020

Tom Roseen — Fri, 07 Aug 2020 23:02:37 +0000

For the second week in three, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $3.4 billion for Refinitiv Lipper’s fund-flows week ended August 5, 2020. Fund investors were net purchasers of taxable fixed income funds (+$9.2 billion) and municipal bond funds (+$1.6 billion) while being net redeemers of equity funds (-$7.2 billion) and money market funds (-$216 million) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – July 29, 2020

Pat Keon, CFA — Fri, 31 Jul 2020 23:51:12 +0000

Refinitiv Lipper’s fund asset groups (including both mutual funds and ETFs) experienced net outflows of $10.0 billion for the fund-flows trading week ended Wednesday, July 29. The net negative flows were attributable to money market funds (-$17.4 billion) and equity funds (-$3.8 billion), but taxable and tax-exempt bond funds continued to be a positive story. Taxable bond funds (+$9.4 billion) and municipal debt funds (+$1.8 billion) extended their respective net inflows streaks to 16 weeks and 12 weeks.

Pat Keon, CFA, speaks to the highlights in this week’s video.

Refinitiv Lipper Weekly U.S. Fund Flows Video Series – July 8, 2020

Pat Keon, CFA — Fri, 10 Jul 2020 21:12:50 +0000

Lipper’s fund asset groups (including both mutual funds and ETFs) took in $16.9 billion of net new money for the fund-flows trading week ended Wednesday, July 8. The taxable bond funds group (+$12.6 billion) paced the net inflows while money market funds (+$4.7 billion) and municipal bond funds (+$1.0 billion) also contributed to the overall net positive flows. Equity funds were the only group to suffer net outflows this week, as $1.5 billion left their coffers.

Pat Keon, CFA, speaks to the highlights in this week’s video.

CEFA Podcast: Refinitiv Lipper’s June Closed-End Fund Market Review

Tom Roseen — Fri, 10 Jul 2020 15:19:51 +0000

Lipper Weekly U.S. Fund Flows Video Series—June 24, 2020

Tom Roseen — Sat, 27 Jun 2020 00:41:38 +0000

For the second week in three, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $7.1 billion for Lipper’s fund-flows week ended June 24, 2020. Fund investors were net purchasers of taxable fixed income funds (+$11.3 billion) and municipal bond funds (+$1.5 billion) while being net redeemers of equity funds (-$5.0 billion) and money market funds (-$726 million, the group’s sixth consecutive week of net redemptions) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Video Series – June 17, 2020

Pat Keon, CFA — Fri, 19 Jun 2020 21:36:01 +0000

Lipper’s fund asset groups (including both mutual funds and ETFs) suffered net negative flows of $54.5 billion for the fund-flows trading week ended Wednesday, June 17. The net outflows were attributable to money market funds (-$35.8 billion) and equity funds (-$25.5 billion). It was the fifth straight weekly net outflows for the money market funds group. This streak comes directly after a run of 11 straight net inflows that were a result of the impact of the coronavirus pandemic. On the plus side, the taxable bond funds (+$5.1 billion) and municipal bond funds (+$1.7 billion) groups both took in net new money. It was the tenth straight net positive flows for taxable bond funds and the sixth for muni bond funds.

Pat Keon, CFA, speaks to the highlights in this week’s video.

Lipper Weekly U.S. Fund Flows Video Series—June 10, 2020

Tom Roseen — Fri, 12 Jun 2020 22:59:03 +0000

For the fourteenth week in 15, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $3.4 billion for Lipper’s fund-flows week ended June 10, 2020. Fund investors were net purchasers of equity funds (+$20.4 billion, its largest weekly net inflows since March 14, 2018), taxable fixed income funds (+$11.1 billion), and municipal bond funds (+$2.8 billion, its second largest weekly net inflows on record), while being net redeemers of money market funds (-$30.8 billion, the group’s fourth consecutive week of net redemptions) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Video Series – June 3, 2020

Pat Keon, CFA — Fri, 05 Jun 2020 22:05:01 +0000

After 13 consecutive weekly net inflows (starting with the fund-flows week ended March 4), Lipper’s fund asset groups (including both mutual funds and ETFs) suffered net negative flows of $21.0 billion for the fund-flows trading week ended Wednesday, June 3. Just as they were the source of the majority of net inflows during the aforementioned streak, money market funds (-$30.5 billion) were responsible for the majority of this week’s net outflows. Equity funds (-$4.6 billion) also contributed to the overall net outflows, while taxable bond funds and municipal bond funds took in $12.9 billion and $1.2 billion of net new money, respectively.

Pat Keon, CFA, speaks to the highlights in this week’s video.

CEFA Podcast: Lipper’s May Closed-End Fund Market Review

Tom Roseen — Fri, 05 Jun 2020 18:37:01 +0000

For the second month in a row, equity closed-end funds (CEFs) on average posted positive returns, rising 4.44% on a net-asset-value (NAV) basis for May, while also for the second month running, fixed income CEFs witnessed returns in the black (+4.69%, their strongest one-month return since September 2009).

Lipper Weekly U.S. Fund Flows Video Series—May 27, 2020

Tom Roseen — Fri, 29 May 2020 22:59:36 +0000

For the thirteenth consecutive week, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $10.6 billion for Lipper’s fund-flows week ended May 27, 2020. Fund investors were net purchasers of taxable fixed income funds (+$12.5 billion) and municipal bond funds (+$1.1 billion), while being net redeemers of equity funds (-$2.9 billion) and money market funds (-$41 million, the group’s second consecutive week of net redemptions) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Video Series – May 20, 2020

Pat Keon, CFA — Fri, 22 May 2020 21:09:03 +0000

Lipper’s fund asset groups (including both mutual funds and ETFs) had net inflows of $3.8 billion for the fund-flows trading week ended Wednesday, May 20. After 11 straight weeks of net inflows induced by the COVID-19 pandemic, money market funds experienced net outflows as $1.0 billion left their coffers. During this eleven-week run, money markets took in $1.1 trillion of net new money and set several weekly records for their largest positive net flows ever. Among the other fund asset groups, taxable bond funds and municipal bond funds had net inflows of $7.9 billion and $1.8 billion, respectively, while equity funds experienced net negative flows of $4.9 billion.

Pat Keon, CFA, addresses the highlights in this week’s video.

Lipper Weekly U.S. Fund Flows Video Series—May 13, 2020

Tom Roseen — Fri, 15 May 2020 21:11:16 +0000

ETF and Fund Investors Embrace Fixed Income Securities During the Week

For the eleventh consecutive week, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $28.7 billion for Lipper’s fund-flows week ended May 13, 2020. Fund investors were net purchasers of money market funds (+$20.3 billion), taxable fixed income funds (+$10.4 billion), and municipal bond funds (+$582 million), while being net redeemers of equity funds (-$2.5 billion) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

CEFA Podcast: Lipper’s April Closed-End Fund Market Review

Tom Roseen — Tue, 12 May 2020 13:48:17 +0000

Lipper Weekly U.S. Fund Flows Video Series – May 6, 2020

Pat Keon, CFA — Fri, 08 May 2020 20:42:51 +0000

Lipper’s fund asset groups (including both mutual funds and ETFs) took in net new money totaling $28.8 billion for the fund-flows trading week ended Wednesday, May 6. This week’s net inflows were driven by money market funds (+$32.8 billion) and taxable bond funds (+$11.9 billion), while equity funds (-$15.6 billion) and municipal bond funds (-$408 million) both suffered net outflows.

Pat Keon, CFA, speaks to the highlights in this week’s video.

Fund Manager Chat: Rajiv Jain, GQG Partners Global Equity Fund

Jake Moeller — Thu, 07 May 2020 13:56:10 +0000

In this wide-ranging #FundManagerChat, Rajiv Jain, CIO of GQG Partners and Manager of the GQG Partners Global Equity Fund, discusses how he finds the opportunities in global equities markets.

Rajiv explains what drove him to set up his own fund house after forging a successful career at Vontobel and outlines the key influences behind his unique and successful “quality growth” process.

Rajiv also provides a summary of global equities markets and explains how his considerable experience with previous bear markets is helping him navigate the difficulties presented by the current Covid-19 crisis.

Running Order

Run Time	Topic
00:25	What have you been able to do differently in setting up your own fund management firm?
02:20	How does your “quality growth” process lead you to be unique within your peer group?
04:30	Outline your team culture at GQG Partners
08:27	How does you experience in Emerging Markets translate to managing a global equity UCITs strategy?
11:50	Given the Covid-19 crisis, how has your fund performed? In what types of markets should it out/underperform peers?
14:25	How has your experience managing money during previous bear markets influenced your process?
15:20	Given the uncertainties driven by the Covid-19 crisis, how do you go about positioning a portfolio?
18:50	What areas are you currently avoiding?
21:30	Where do ESG criteria fit into your process?
23:50	What is your view on the value/ growth debate and can we expect a rotation?
27:50	What are your ambitions for your firm going forward?

Rajiv Jain is chatting remotely with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, on May 5, 2020.

About Rajiv Jain

Rajiv Jain, GQG Partners.

Rajiv is the Chairman and Chief Investment Officer of GQG Partners and also serves as the lead portfolio manager for all GQG Partners strategies.

Rajiv commenced investment operations at GQG Partners in June 2016 with over 25 years of investment experience. Previously, Rajiv served as a Co-Chief Executive Officer (from July 2014) and Chief Investment Officer and Head of Equities (from February 2002) at Vontobel Asset Management. He was the sole portfolio manager of the International Equities strategy (since 2002) and Emerging Markets Equities strategy (since 1997), and the lead portfolio manager for the Global Equities strategy (since 2002).

Rajiv helped build the business from less than US$400 million under management to just under US$50 billion in 2016. He joined Vontobel Asset Management as a co-portfolio manager of Emerging Markets Equities and International Equities in November 1994.

Prior to that, he was an International Equity Analyst at Swiss Bank Corporation.

Rajiv earned an MBA in Finance and International Business from the University of Miami. He also has a master’s degree from the University of Ajmer and an undergraduate degree in accounting with honors.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Disclaimer:
This material is provided for as market commentary and for educational purposes only and does not constitute investment research or advice. Refinitiv cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. Please consult with a qualified professional for financial advice. The author does not own shares in this investment.

Fund Manager Chat: The Unstoppable Rise of ESG–Ben Constable-Maxwell, M&G Investments

Jake Moeller — Wed, 06 May 2020 12:51:40 +0000

In this #FundManagerChat podcast, Ben Constable-Maxwell, head of sustainable and impact investing at M&G Investments, shares his views on the increasing prominence that ESG, impact and responsible investing is taking on for investors and fund managers.

Ben examines some of the challenges that fund managers face, particularly in quantifying and measuring criteria, and he outlines the key issues that groups should be prioritizing.

Ben also considers some of the myths around ESG investing, how the Covid-19 crisis is giving prominence to ESG factors and what success looks like for an ESG-conscious fund manager.

Running Order

Run Time	Topic
00:20	Why and how has ESG/ impact investing become such a predominant theme for investors and fund managers?
02:25	Why were many fund managers so slow in incorporating ESG criteria into their processes?
04:20	How is the unfolding Covid-19 crisis giving impetus to ESG/ impact issues?
06:15	What are the most important ESG themes for fund managers to prioritize into their processes?
08:35	What is the objective and philosophy behind the M&G Impact Fund?
10:35	How do ESG/ impact processes influence your funds which don’t have a specific ESG mandate?
13:20	What are some of the difficulties fund managers face in incorporating ESG criteria?
15:25	How does ESG criteria influence performance outcomes?
17:20	For you as an ESG/impact specialist, what does success look like? Do you think we can get there?

Ben Constable-Maxwell is chatting remotely with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, on May 5, 2020.

About Ben Constable-Maxwell

Ben Constable-Maxwell, M&G Investments

Ben Constable-Maxwell joined M&G Investments in 2003 as an investment specialist and is now Head of Sustainable and Impact Investing.

Ben leads on impact for the M&G Positive Impact Fund alongside fund manager John William Olsen. Ben has been central to the development of ESG integration within M&G’s investment processes and has supported the development of ESG solutions for clients across asset classes.

He is a founding member of M&G’s Responsible Investment Advisory Forum, overseeing ESG-related activities at M&G, and is a member of the Investment Association’s Sustainability & Responsible Investment Committee, chairing the working group on non-financial disclosures.

Previous to M&G, Ben spent four years with the Equities team at Invesco Perpetual. He graduated from the University of Newcastle-upon-Tyne with an Honours Degree in Classics.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Video Series—April 29, 2020

Tom Roseen — Fri, 01 May 2020 20:36:38 +0000

For the ninth consecutive week, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $78.7 billion for Lipper’s fund-flows week ended April 29, 2020. Fund investors were net purchasers of money market funds (+$83.0 billion) and taxable fixed income funds (+$4.0 billion), while being net redeemers of equity funds (-$7.0 billion) and municipal bond funds (-$1.3 billion) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Fund Manager Chat: Keith Skeoch, CEO – Standard Life Aberdeen

Jake Moeller — Thu, 30 Apr 2020 14:59:05 +0000

In this wide-ranging #FundManagerChat podcast, Keith Skeoch, CEO of Standard Life Aberdeen Plc, [SLA.L] considers the impacts of the unfolding Covid-19 crisis on investments, the economy, companies and society.

Keith considers the human elements of the crisis, and examines how it is driving changes to the way that investment firms and the industry, might operate in the future.

Keith also provides a market and economic overview, reviews the policy responses to the crisis and considers what opportunities might present themselves for investors and fund management companies as the crisis recedes.

Running Order

Run Time	Topic
00:30	How is the Covid-19 drama affecting you and your staff. How are you marshaling your troops?
03:50	How do you distill the complexities of this crisis into making business and market decisions for your firm?
07:05	How is the crisis changing the way fund firms will operate? Will things ever be the same?
09:55	Do you think some of the trends we saw before the crisis may now reverse?
12:25	Will the crisis give more impetus to ESG considerations?
16:05	How might fund management product suites be affected?
18:00	What is your view and outlook on the markets?
20:30	What is your view on economic implications of the crisis and policy responses?
24:00	What will be the impact on SLA’s fund flows. How is cash on your balance sheet going to help you?
26:50	What opportunities might avail themselves as this crisis unfolds?

Keith Skeoch is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, remotely from Edinburgh on April 29, 2020.

About Keith Skeoch

Keith Skeoch, Standard Life Aberdeen Plc.

Keith Skeoch is Chief Executive of Standard Life Aberdeen plc,

Keith started his career in 1979 at the Government Economic Service. He moved into financial services in 1980 with James Capel (HSBC Securities from 1996), where he was latterly Managing Director of International Equities.

He joined Standard Life Investments in 1999 as Chief Investment Officer, before becoming Chief Executive of that division in 2004. In 2015 he was appointed Chief Executive of Standard Life plc, having been a board member since 2006, and led the merger with Aberdeen Asset Management in 2017. He was named as sole CEO of Standard Life Aberdeen in 2019.

Keith has held a number of key industry appointments. He is currently a board member of the Financial Reporting Council and Deputy Chair of the Investment Association.

In recognition of his wider contribution to the financial services industry – particularly his work in response to the global financial crisis – Keith has been awarded honorary doctorates from the University of Sussex and Teesside University. For his services to the economics profession, he has been named a Fellow of the Society of Business Economists.

Keith is also a Trustee of the Edinburgh International Festival.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Fund Manager Chat: Dividend Income & Small Caps–James Lynch, Downing

Jake Moeller — Fri, 24 Apr 2020 11:06:15 +0000

In this #FundManagerChat, James Lynch, Manager of the Downing Monthly Income Fund, discusses how he finds the opportunities to source reliable dividend income from smaller companies stocks.

He outlines the process and philosophy he has adopted and examines his recent performance outcomes. He also outlines his current portfolio positioning and discusses some of the difficulties and opportunities that are presented in the unfolding Covid-19 drama.

Running Order

Run Time	Topic
00:25	Tell us a bit about Downing and why its private equity background important?
02:10	Tell us about the philosophy of your fund. Why does the fund have a small-cap bias?
04:30	How did you formulate your income target? How reliable are dividends from smaller companies?
07:50	This fund is in the IA Equity Income classification. Shouldn’t it be in the Smaller Companies sector? When will it outperform?
11:00	Outline your current portfolio exposure. Where are you finding opportunities?
12:10	How difficult is managing money during the unfolding Covid-19 crisis? How has your performance been recently?
15:30	Has the crisis caused you to reevaluate any part of your process?
17:00	Can smaller companies survive this crisis?
18:35	What opportunities might come out of this crisis?

James Lynch is chatting remotely with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, on April 21, 2020.

About James Lynch

James Lynch, Downing.

James joined Downing in February 2012 as part of the Private Equity team, gaining transaction experience in the SME space across a range of industries before transferring to Downing Public Equity in 2013.

Prior to Downing, James worked within the asset management division of Ernst & Young after specialising in smaller companies at HW Fisher & Company.

James manages the MI Downing Monthly Income Fund and co-manages the Downing Strategic Micro-Cap Investment Trust.

James is a CFA Charterholder, Chartered Accountant (ACA) and holds the Investment Management Certificate.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Video Series—April 15, 2020

Tom Roseen — Sun, 19 Apr 2020 22:05:13 +0000

For the seventh consecutive week, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $62.9 billion for Lipper’s fund-flows week ended April 15, 2020. Fund investors were net purchasers of money market funds (+$46.8 billion), taxable fixed income funds (+$10.3 billion), equity funds (+$5.0 billion), and municipal bond funds (+$833 million) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Fund Manager Chat: Facing Challenges in this Market – Matthew Beddall, CEO, Havelock London

Jake Moeller — Tue, 14 Apr 2020 12:29:40 +0000

In this #FundManagerChat, Matthew Beddall, CEO of UK-based fund boutique, Havelock London, and manager of the LF Havelock Global Select Fund discusses the challenges of managing money during the unfolding Covid-19 crisis.

Matthew outlines whether traditional style-biases and valuation metrics matter in the current volatility. He addresses recent performance and reveals the major considerations he is seeking in his stocks as the crisis continues.

This is the quarterly newsletter referred to in this podcast can be found via this link.

Running Order

Run Time	Topic
00:25	How difficult is it, and what challenges are you facing, managing money during this Coronavirus pandemic?
02:10	Is the market being at all discerning in the sell-off? Does style matter?
04:50	Does this crisis force you to reconsider any of your existing processes?
05:50	How valid are traditional value metrics during this bout of market volatility?
08:00	Why has your fund underperformed its current IA Flexible classification in the recent sell off?
09:15	When is your fund likely to differentiate from its peers?
10:40	What sort of characteristics will companies need to survive this current crisis?
13:20	In your quarterly newsletters you outline the quandary of negative factors for both equities and bonds. How does one reconcile this?

Matthew is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on April 7, 2020.

About Matthew Beddall

Matthew Beddall, CEO – Havelock London.

Matthew is the CEO and co-founder of Havelock London. He worked at Winton for 17 years, eight of which he served as Chief Investment Officer. As CIO, he had responsibility for overseeing all of the firm’s investment activities, including for the flagship Winton Futures Fund.

During his tenure, Winton grew to have $32 billion in assets making it one of the largest hedge funds in Europe. He also sat on the Board as a Director, and on the Executive Committee.

Matthew previously graduated with a degree in Mathematics and Computer Science, and went on to earn a Master’s degree in Applied Statistics.

He combines a long-standing personal interest in value investing with extensive professional experience in systematic funds, leaving him with a firm set of views as to how best to manage savings and investments – all of which he has applied to his own money.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

CEFA Podcast: Lipper’s March Closed-End Fund Market Review

Tom Roseen — Fri, 10 Apr 2020 14:09:18 +0000

For the third month in a row, equity CEFs on average posted negative returns, declining 20.64% on a NAV basis for March (their worst one-month decline since October 31, 2008), while for the first month in five, fixed income CEFs witnessed returns in the red (-12.80%, their worst monthly loss in at least 35 years).

Lipper Weekly U.S. Fund Flows Video Series – April 1, 2020

Pat Keon, CFA — Fri, 03 Apr 2020 21:29:18 +0000

The money market funds asset group took in almost $164 billion of net new money for the fund-flows week ended Wednesday, April 1. This total, while substantial, is actually almost $100 billion less than last week’s record-setting net inflow (+$259.8 billion). This result indicates that investors are still more interested in sitting out the current volatility than participating, but after three consecutive weeks of record-setting net inflows for the asset group, it was good to see them step back from the precipice a bit.

The taxable bond funds (-$9.2 billion) and municipal bond funds (-$749 million) groups each experienced net outflows for the fifth consecutive week. These net outflows were significantly less than the record-setting numbers from the week before for the groups (-$62 billion for taxable and -$13.7 billion for tax-exempt). In an investing environment that has changed seemingly overnight and is unrecognizable from what we’ve known in the past, net outflows that do not qualify as the highest in history can be viewed as a positive.

Equity funds broke a streak of six straight weekly net outflows (including -$27.1 billion last week) with $3.9 billion of net positive flows.

Pat Keon, CFA, speaks to the highlights in this week’s video.

Fund Manager Chat: Staff Departures at BNY Mellon Global Income Fund

Jake Moeller — Fri, 03 Apr 2020 15:43:40 +0000

On March 26, 2020, BNY Mellon announced that Nick Clay, one of the UK’s best known equity income fund managers will be leaving the organisation. He is leaving with a number of his team to join a competitor. Mr. Clay currently runs the £5.2 billion (as at March 26, 2020) BNY Mellon Global Income Fund.

In this podcast, Ilga Haubelt, recently appointed Head of Equity Income at Newton and Jon Bell, co-fund manager of the BNY Mellon Global Income Fund, outline how they intend to mitigate the potential impact of these departures.

Running Order

Run Time	Topic
00:40	Ilga, you joined BNY Mellon in November 2019. Have you had enough time to settle in?
02:00	Outline your duties and experience at Deka?
04:30	How does your previous fund compare to the BNY Mellon Global Income Fund?
08:20	Will you be changing any of the BNY Mellon Global Income Fund’s processes?
11:30	What sort of disruption are you expecting from these departures? How will you keep staff focused?
13:36	Will you be making any material changes to the portfolio holdings?
16:40	What experience of working together does the new team have?
20:30	Is there a risk that current staff might be spread too thinly?
21:10	How do you respond to this market volatility? What sort of pressure is there on dividends?
24:20	How has your current portfolio positioning worked for you in the current environment?
28:40	Is the current health crisis a catalyst for you to change your top-down themes?

Ilga and Jon chatted remotely with Jake Moeller on April 1, 2020.

About Ilga Haubelt

Ilga Haubelt

Ilga is the investment leader of the Newton Equity Income team. She joined Newton in 2019 to head up the firm’s equity opportunities team, becoming Head of Equity Income in March 2020. She is part of the management team for Newton’s global equity income strategy.

Prior to joining Newton, Ilga was head of Global Equities at Deka Investments, where she oversaw a team of more than 20 portfolio managers with €15bn of assets under management. She was also the lead manager of Deka’s global equity income fund.

Before joining Deka Investments, Ilga was a portfolio manager and research analyst at Union Investment, where she was lead manager of a North American generalist equities fund, a REIT, and a global listed real estate equities fund. Ilga began her asset management career with Munich Ergo Asset Management (MEAG) as a real estate specialist.

About Jon Bell

Jon Bell

Jon is a portfolio manager in the BNY Mellon equity income team. Through his 24 years at Newton, Jon has led both the Global Equity and Multi-Asset teams and been responsible for a number of multi-asset and global equity portfolios. As well as his extensive investment roles at the firm, he has also spent time as a member of the commercial team involved in discussing client portfolios and tailoring strategies to client requirements.

Jon sits on Newton’s investment oversight and product and commercial committees and its investment risk oversight groups. He joins the Equity income team from March 2020, where he will focus on Newton’s global equity income strategy.

Jon joined Newton in 1995 and has a degree in natural sciences from Cambridge University.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Fund Manager Chat: The Economic Implications of Coronavirus – Shamik Dhar, BNY Mellon

Jake Moeller — Tue, 17 Mar 2020 16:25:38 +0000

In this podcast, Shamik Dhar, Chief Economist at BNY Mellon IM outlines the potential broad economic implications of the developing Coronavirus crisis.

Within the context of this unfolding “human tragedy”, Shamik considers the buy- and sell-side effects of this shock, outlines the efficacy of policy responses and assesses the potential impact the crisis might have on long-established economic theories and relationships.

Running Order

Run Time	Topic
00:20	How do you go about interpreting this complex human crisis in economic terms?
02:19	How do economic shocks such as this manifest themselves over different periods of time?
05:20	What are your views on the monetary and fiscal policy responses from governments and central banks to the crisis so far?
07:30	Does this crisis have the ability to change long-established economic norms and geographic relationships?
12:12	What are some of the key economic factors which are still important but being swamped by the news around this crisis? Are there any remaining positives at the moment?

Shamik is chatting with Jake Moeller, remotely on March 16, 2020.

About Shamik Dhar

Shamik Dhar, BNY Mellon IM.

Shamik Dhar is the Chief Economist at BNY Mellon IM and acts as the primary spokesperson for BNY Mellon IM on matters relating to global macroeconomics, geopolitics and capital markets.

Shamik most recently served as Chief Economist and Director for Economics for the United Kingdom’s Foreign and Commonwealth Office from 2014. He has 30 years of experience as an economist, advising investors and governments on market activity, trends and economic indicators.

He started in the UK Treasury in the late 1980s, moving on in the 1990s to Oxford Economic Forecasting and the Bank of England. In 2000, he moved to Morley Fund Management, then in 2004 co-founded Fathom Consulting, a leading economics consultancy, before moving back into asset management with Aviva Investors in 2009.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

CEFA Podcast: Lipper’s February Closed-End Fund Market Review

Tom Roseen — Mon, 16 Mar 2020 21:53:29 +0000

Lipper Weekly U.S. Fund Flows Video Series – March 11, 2020

Pat Keon, CFA — Fri, 13 Mar 2020 17:21:44 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) took in $70.4 billion of net new money for the fund-flows trading week ended Wednesday, March 11. Money market funds (+$87.6 billion) were responsible for all of the week’s net inflows as investors parked a significant amount of money on the sidelines, driven by the uncertainty surrounding the coronavirus pandemic.

This week’s net positive flows for money market funds bested the group’s previous record net inflow of $81.2 billion for the fund-flows week ended December 12, 2018. The other asset groups all saw money leave as taxable bond funds, equity funds, and municipal bond funds posted net outflows of $11.2 billion, $4.2 billion, and $1.8 billion, respectively.

Pat Keon, CFA, speaks to the highlights in this week’s video.

Lipper Weekly U.S. Fund Flows Video Series—March 4, 2020

Tom Roseen — Sat, 07 Mar 2020 00:38:12 +0000

For the fourth week in five, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $9.0 billion for Lipper’s fund-flows week ended March 4, 2020. However, the headline number is misleading. Fund investors were net purchasers of money market funds (+$38.5 billion), but were net redeemers of equity funds (-$20.3 billion), taxable fixed income funds (-$8.9 billion), and municipal bond funds (-$250 million) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Video Series – February 26, 2020

Pat Keon, CFA — Sat, 29 Feb 2020 18:02:30 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) saw $20.0 billion leave their coffers for the fund-flows trading week ended Wednesday, February 26. Equity funds (-$22.1 billion) were responsible for the lion’s share of the net outflows, while money market funds also chipped in $2.6 billion to the total net negative flows. On the plus side of the ledger, investors sought out taxable bond funds (+$2.5 billion) and municipal bond funds (+$2.3 billion).

Pat Keon, CFA, speaks to the highlights in this week’s video.

Lipper Weekly U.S. Fund Flows Video Series—February 19, 2020

Tom Roseen — Sat, 22 Feb 2020 00:34:55 +0000

For the third week in row, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $13.9 billion for Lipper’s fund-flows week ended February 19, 2020. Fund investors were net purchasers of taxable fixed income funds (+$7.9 billion), money market funds (+$6.3 billion), and municipal bond funds (+$1.8 billion), but they were net redeemers of equity funds (-$2.0 billion) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

CEFA Podcast: Lipper’s January Closed-End Fund Market Review

Tom Roseen — Tue, 18 Feb 2020 19:17:07 +0000

The Closed-End Fund Association is sponsoring an Advisor Summit that will take place in Ft. Lauderdale at the Marriott North on March 10th. This accredited 4.00 CE event will feature leading PM’s with presentations on investment outlooks, alternative products and ways to seek value and income.

Get more details and register for this FREE opportunity to gain valuable insight, 4.00 CE credits and more:

https://www.cefadvisorsummit.com/ or contact Laura Klover at lklover@cefa.com

Lipper Weekly U.S. Fund Flows Video Series – February 12, 2020

Pat Keon, CFA — Fri, 14 Feb 2020 21:10:43 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) took in $25.4 billion of net new money for the fund-flows trading week ended Wednesday, February 12. The largest net inflows among the asset groups belonged to taxable bond funds, at $11.7 billion, which marked the group’s sixth consecutive weekly net inflows. All of the other asset groups also had net positive flows for the week, paced by money market funds (+$7.1 billion), while equity funds and municipal bond funds grew their coffers by $4.8 billion and $2.1 billion, respectively.

Pat Keon, CFA speaks to the highlights in this week’s video.

Fund Manager Chat: Artemis Target Return Bond Fund–Juan Valenzuela

Jake Moeller — Thu, 13 Feb 2020 11:44:05 +0000

In this #FundManagerChat podcast, Juan Valenzuela, co-manager of the Artemis Target Return Bond Fund, introduces this recent launch from Artemis and outlines the case for fixed income securities.

Juan discusses the philosophy the fund, outlines the positioning of his portfolio and shares his views on the broader economic factors that are currently influencing fixed income markets.

Running Order

Run Time	Topic
00:20	Outline the objective of the Artemis Target Return Bond Fund
01:15	What type of investor would be attracted to this fund?
02:30	How did you set your performance target? How confident are you that you will meet it?
04:15	What economic environment best suits this fund? When could it struggle?
06:10	How is you portfolio positioned from a credit perspective?
08:00	What is your view on global rates and how is your duration positioned?
11:05	What is your view on global inflation?
13:00	Do you have any macroeconomic concerns at the moment?
14:00	What are potential tailwinds that might drive returns in bonds at the moment?

Juan Valenzuela is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on February 12, 2020.

About Juan Valenzuela

Juan has degrees in both Law and Business from Carlos III University in Madrid. He began his career in 2003 at JP Morgan in Edinburgh. He joined SWIP in 2006 to manage several mandates, including its Absolute Return Bond Fund.

Juan went next to Alliance Trust, where from 2012 he helped launch and then co-managed the Dynamic Bond Fund. Before joining Artemis in February 2019, Juan worked from 2015 at Kames Capital, where he co-managed Kames’ Strategic (onshore and global) Bond Funds, LBPAM Kames Absolute Return Bond Fund and Core Plus Fund.

Juan is a CFA charterholder.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Video Series – January 29, 2020

Pat Keon, CFA — Fri, 31 Jan 2020 20:09:19 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) had negative net flows of $12.1 billion for the fund-flows trading week ended Wednesday, January 29. This net outflow broke a streak of five consecutive weekly net inflows during which time funds grew their coffers by $82.4 billion. Money market funds (-$11.6 billion) and equity funds (-$6.6 billion) were responsible for this week’s net outflows while taxable bond funds (+$4.3 billion) and municipal bond funds (+$1.8 billion) both took in net new money.

Pat Keon, CFA speaks to the highlights in this week’s video.

Lipper Weekly U.S. Fund Flows Video Series—January 22, 2020

Tom Roseen — Fri, 24 Jan 2020 22:15:23 +0000

For the fifth week running, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $11.7 billion for Lipper’s fund-flows week ended January 22, 2020. Fund investors were net purchasers of taxable fixed income funds (+$8.4 billion), municipal bond funds (+$2.0 billion), money market funds (+$1.2 billion), and equity funds (+$69 million) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

CEFA Podcast: Lipper’s December Closed-End Fund Market Review

Tom Roseen — Thu, 16 Jan 2020 00:48:38 +0000

Lipper Weekly U.S. Fund Flows Report – December 31, 2019

Pat Keon, CFA — Fri, 03 Jan 2020 20:34:42 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) took in approximately $19.6 billion of net new money for the fund-flows trading week ended December 31. This result represents the fifth overall net inflow in the last six weeks for funds. Money market funds paced this week’s net inflows (+$21.3 billion), while municipal bond funds contributed $281 million to the overall net positive flows. Equity funds (-$1.3 billion) and taxable bonds funds (-$699 million) both had net negative flows for the week.

Pat Keon, CFA speaks to the highlights in this week’s video.

Fund Manager Chat: Global Outlook 2020 – Maria Municchi, M&G

Jake Moeller — Tue, 31 Dec 2019 06:26:00 +0000

In this #FundManagerChat podcast, Maria Municchi, portfolio manager within the Multi-Asset team at M&G, shares her thoughts on the key drivers influencing her portfolio construction as we move into 2020.

Running Order

Run Time	Topic
00:20	What is the impact of central bank and interest rate policy?
02:35	What is your view on global volatility?
03:35	How important are geopolitical issues at the moment?
05:20	What is your broad outlook for equities and bonds
09:00	What opportunities does ESG and Impact investing hold for you?
12:30	What should investors be wary of in 2020? What are some of the tailwinds?

Maria Municchi is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on December 17, 2019.

About Maria Municchi

Maria Municchi joined M&G in 2009 and is a member of the Multi Asset team and the Positive Impact team. She is the fund manager of the M&G Sustainable Multi Asset Fund and also deputy fund manager of the M&G Episode Income Fund.

Before joining M&G, Maria worked at Barings and UBS Asset Management. She has an MSc in international management and finance and is a CFA charterholder.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Fund Manager Chat: The #Talkaboutblack Initiative and Asset Management

Jake Moeller — Tue, 17 Dec 2019 14:23:31 +0000

In this #FundManagerChat podcast, Justin Onuekwusi, Fund Manager and Head of Retail Multi-Asset Funds at LGIM and Darren Johnson, Chief Operating Officer – Listed Equites, Impax Asset Management, outline the #Talkaboutblack initiative within the asset management industry and discuss where it fits within other diversity and inclusion initiatives.

Running Order

Run Time	Topic
00:25	Outline the #Talkaboutblack initiative
01:55	Why are there so few black people in the asset management industry?
05:00	How do you go about generating change?
08:00	Where does #Talkaboutblack fit in with other diversity and inclusion initiatives?
10:00	Why is there a reluctance to talk about race?
12:25	How do measure change?
16:25	Is the message getting through?
18:00	What role does the media play in promoting this initiative?
20:00	How can people get involved?

Darren Johnson and Justin Onuekwusi are chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on December 11, 2019.

About Darren Johnson

Darren’s mutual and hedge fund career began in 1999. Darren joined Impax Asset Management in 2007 to launch an Equity Long/Short Fund. Since then Darren has performed senior leadership roles within the firm and is currently Chief Operating Officer – Listed Equites. In 2019 Darren was appoint Director of Impax Asset Management Irish subsidiary.

Before joining Impax in 2007, Darren was Head of Operations at Talisman Global Asset Management, a family office specialising in investing into Fund of Hedge Funds and Private Equity. Prior to that Darren work in various leadership roles in accounting and global operational at AXA IM, Legal & General, and RAB Capital.

About Justin Onuekwusi

Justin is Head of Retail Multi-Asset Funds at LGIM and a member of the Asset Allocation team which manages over £50 billion for pension schemes and savers throughout the world. He leads on the management of the team’s retail and risk-profiled multi-asset funds managing the award-winning Multi-Index Funds.

Justin co-chairs the Legal & General Inclusion Team (LEGIT), which aims to create a culture that supports all of LGIM through networks and events across five key areas: leadership engagement, talent attraction and development, leadership development, marketing and communications and community engagement. Externally, Justin is an adviser to the board of City Hive Ltd, which focuses on driving diversity initiatives throughout the asset management industry.

In addition, he sits on the ethnicity workstream of the industry-wide Diversity Project forming part of the steering committee of the movement #talkaboutblack, which focuses on creating more black senior leaders in the asset management industry and beyond as well as addressing the taboo that surrounds conversations about ethnicity. Justin is a CFA charterholder, featured on the 2019 EMpower Senior Executive Leaders List and is finalist for the 2019 Black British Business Awards (Financial Services)

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper’s November Closed-End Fund Market Review Podcast

Tom Roseen — Mon, 16 Dec 2019 17:52:35 +0000

Tom Roseen, Head of Research Services with Refinitiv Lipper and author of the Closed-End Funds FundMarket Insight Report which provides in depth monthly commentary on the closed-end fund market and the Closed-End Fund Association discuss Tom’s insights on November’s closed-end fund market action.

Lipper Weekly U.S. Fund Flows Video Series—December 11, 2019

Tom Roseen — Fri, 13 Dec 2019 23:57:07 +0000

For the third week running, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $38.9 billion for Lipper’s fund-flows week ended December 11, 2019. Fund investors were net purchasers of money market funds (+$39.0 billion), taxable fixed income funds (+$5.6 billion), and municipal bond funds (+$1.6 billion). However, they were net redeemers of equity funds (-$7.1 billion) this week. Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Report – December 4, 2019

Pat Keon, CFA — Mon, 09 Dec 2019 04:32:27 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) recorded net inflows of $29.2 billion for the fund-flows trading week ended Wednesday, December 4. This was the thirteenth week out of the last 14 in which funds took in net new money. All four fund asset groups experienced net positive flows for the second consecutive week, paced by money market funds, which grew their coffers by $22.4 billion. Equity funds, taxable bond funds, and municipal bond funds contributed $5.0 billion, $1.2 billion, and $615 million, respectively, to the week’s total net inflows.

Pat Keon, CFA speaks to the highlights in this week’s video.

Fund Manager Chat: Global Strategic Overview–Robert Almeida, MFS

Jake Moeller — Fri, 29 Nov 2019 12:24:10 +0000

In this #FundManagerChat podcast, Robert Almeida, Global Investment Strategist at MFS, and lead manager of the MFS Meridian Funds-Diversified Income Fund provides a thorough overview and outlook for the state of global investment markets.

Robert also outlines how he is positioned in his portfolio, where he is finding opportunities for income investors, and reveals his thoughts on some of the head and tailwinds which confront investors at the present time.

Running Order

Run Time	Topic
00:25	What is your view on current global central bank policy and interest rates?
01:25	What is your view on inflation and inflationary expectations?
02:50	What is your outlook for global growth?
03:50	What is your view on global volatility?
04:50	How important is geopolitics at the moment? Is there increasing global divergence?
06:20	What is your view on global currencies?
07:30	Where are you high level views on the equities and bonds markets?
10:30	How is your portfolio currently positioned? Where are you finding yield?
12:45	How are you avoiding crowded trades?
13:50	In this extended cycle, is there a temptation to take on more credit risk?
14:40	Which areas of the market are presenting opportunities for you?
17:15	What should investors be wary of? What potential tail winds are there?

Robert Almeida is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on November 19, 2019.

Performance

Over the five years to October 31, 2019 MFS Meridian Funds-Diversified Income A1 USD outperforms its peer Lipper Global Classification (Lipper Global Mixed Asset – USD Flexible).

Figure 1. MFS Meridian Funds-Diversified Income A1 USD Five-year % growth v Lipper peer group and S&P 500) to October 31, 2019 (in USD)

Source: Lipper for Investment Management, Refinitiv. Past performance is not a reliable indicator of future performance.

Lipper Leaders Scores

The three and five year Lipper Leaders scores are outlined in Figure 2. below. The fund exhibits a maximum five score for the Total Return metric for the three years to the end of October 2019.

Figure 2. Lipper Leaders Scores for MFS Meridian Funds-Diversified Income A1 USD (set for UK Investors to October 31, 2019)

Source: Lipper for Investment Management, Refinitiv. Past Lipper Leader scores are not a reliable indicator of future scores.

About Robert Almeida

Robert Almeida is an investment officer and global investment strategist for MFS Investment Management® (MFS®), offering insight and perspective on cyclical and secular trends impacting investors. He serves as lead portfolio manager on multi‐asset income and alternative strategies and is a member of MFS’ Fixed Income Strategy and Fixed Income Risk and Opportunities groups.

Rob joined MFS in 1999 and served as an institutional portfolio manager for the Fixed Income Department from 2007 through 2009. He joined the US Growth Equity team in 2009 and became a portfolio manager in 2014. He added additional portfolio management responsibilities in 2018 and assumed his current strategist title in 2019.

Rob is a graduate of the University of Massachusetts and earned his Master of Science degree in finance from the Sawyer Business School.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Fund Manager Chat: “Global Innovators”–Guinness Asset Management

Jake Moeller — Thu, 21 Nov 2019 15:47:48 +0000

In this #FundManagerChat podcast, Dr. Ian Mortimer and Matthew Page, co-manager of the Guinness Global Innovators Fund outlines how changing trends in corporate innovation are driving opportunities in the equities market.

They examine the types of firms and industries which are driving intellectual change and how these themes manifest into consistent earnings as well as growth opportunities. They outline the current positioning of their portfolio, explain how they restrict their investment universe and the also provide a general outlook for the market.

They also provide an overview of how ESG criteria fit into their investment process.

Running Order

Run Time	Topic
00:20	Outline the objective and philosophy of the Guinness Global Innovators Fund
01:50	What is the difference between “innovators” and “disruptors”?
03:50	Is there too much of a bias to technology in this portfolio?
05:40	How do you distill a global mandate down to 30 stocks?
07:50	Is the portfolio susceptible to cyclical pressures?
09:10	How is the portfolio positioned? Where are you finding value?
12:50	What has worked well year-to-date? What hasn’t worked so well?
14:45	How do you incorporate ESG criteria into your process?
17:15	How should the portfolio perform in different types of markets?
18:20	What is you general outlook for global equities? What is exciting you?

Dr. Ian Mortimer and Matthew Page are chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on November 18, 2019.

Performance

Over the three years to October 31, 2019 the Guinness Global Innovators Fund sits within the first quartile of its Lipper peer group (Lipper Global Equities – funds registered for sale in UK only).

Figure 1. Guinness Global Innovators Fund Three Year % Growth (within quartiles of the Lipper Global Equities Classification) to October 31, 2019 (in Local Currency)

Source: Lipper for Investment Management, Refinitiv. Past performance is not a reliable guide to future performance.

Lipper Leaders Scores

The three and five year Lipper Leaders scores are outlined in Figure 2. below. The fund exhibits a maximum five score for the Total Return metric for the three years to the end of October 2019.

Figure 2. Lipper Leaders scores for Guinness Global Innovators Fund (to October 31, 2019)

Source: Lipper for Investment Management. Past scores are not a reliable indicator of future performance.

About Dr. Ian Mortimer

Ian Mortimer.

Ian joined Guinness Asset Management in December 2006 and manages a number of portfolios across the Guinness suite.

He completed a Doctor of Philosophy in Experimental Physics at the Clarendon Laboratory, University of Oxford in 2006, after graduating from University College London in 2003 with a First Class Honours Master of Science degree in Physics.

Ian has completed the IMC and is a CFA charterholder.

About Matthew Page

Matthew Page.

Matthew joined Guinness Asset Management in September 2005. Previously, he joined Goldman Sachs on the Graduate scheme working in Foreign Exchange and then Fixed Income.

Matthew graduated from Oxford University in 2004 with a Master’s degree in Physics.

Matthew has completed the IMC and is a CFA charterholder.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Report – November 13, 2019

Pat Keon, CFA — Mon, 18 Nov 2019 03:22:42 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) recorded net inflows of $23.4 billion for the fund-flows trading week ended Wednesday, November 13. This was the eleventh straight weekly net positive flows for funds, during which time they’ve grown their coffers by $219.5 billion for an average weekly net inflow just shy of $20.0 billion. All four asset groups contributed to this week’s total net inflows, led by money market funds (+$18.4 billion), while taxable bond funds (+$1.9 billion), equity funds (+$1.8 billion), and municipal bond funds (+$1.3 billion) all posted net inflows north of $1.0 billion.

Pat Keon, CFA speaks to the highlights in this week’s video.

Fund Flow Chat: European Fund Industry Review – September 30, 2019

Detlef Glow — Mon, 04 Nov 2019 14:26:09 +0000

This podcast gives a brief overview of the fund flow trends in Europe over the course of the first nine months of 2019.

The podcast is moderated by Detlef Glow and Tobias Hartmann from Refinitiv.

All findings of this podcast and more details of the fund flow trends in Europe can be found in the Monday Morning Memo: European Fund Industry Review – September 30, 2019. There is also a pdf available for download.

The views expressed are the views of the moderators, not necessarily those of Lipper or Refinitiv.

Lipper Weekly U.S. Fund Flows Report – October 30, 2019

Pat Keon, CFA — Fri, 01 Nov 2019 19:47:53 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) recorded net inflows of $30.4 billion for the fund-flows trading week ended Wednesday, October 30. This was the ninth straight weekly net positive flows for funds as all four asset groups contributed to the total net inflows, led by money market funds (+$23.5 billion). Taxable bond funds, municipal bond funds, and equity funds were responsible for $5.1 billion, $1.2 billion, and $633 million, respectively, of the week’s total net positive flows.

Pat Keon, CFA speaks to the highlights in this week’s video.

Lipper Weekly U.S. Fund Flows Video Series—October 23, 2019

Tom Roseen — Fri, 25 Oct 2019 23:42:13 +0000

For the eighth week in a row, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $21.6 billion for Lipper’s fund-flows week ended October 23, 2019. Once again, fund investors were net purchasers of money market funds (+$17.7 billion), taxable fixed income funds (+$6.3 billion), and municipal bond funds (+$1.4 billion). However, they were net redeemers of equity funds (-$3.9 billion). Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Fund Manager Chat: Global Listed Real Estate Equities: Kempen

Jake Moeller — Wed, 23 Oct 2019 10:36:31 +0000

In this #FundManagerChat podcast, Egbert Nijmeijer from Kempen and co-manager of the Kempen Global Listed Real Estate Fund outlines the case for global listed real estate companies.

Egbert provides an overview of the asset class and outlines the benefits it can bring to an investor portfolio. He discusses where he and the Kempen team are finding opportunities in global listed real estate equities and areas that he is avoiding. He also outlines how he incorporates ESG into his portfolio and how this has impacted some of his recent stock selection.

Egbert also provides an outlook for the asset class outlining some of the medium term head and tailwinds.

Running Order

Run Time	Topic
00:20	Outline the objective and philosophy of the Kempen Global Listed Real Estate Fund
01:45	Why should investors consider this asset class?
03:15	What is the relationship between global listed real estate and interest rates?
04:35	How do you distill a global mandate into a compact portfolio?
07:00	What are the “portfolio clusters” in your process? What purpose do they serve?
10:15	How is your portfolio currently positioned? How are relative valuations in the asset class?
14:40	How do you incorporate ESG criteria into your process?
16:45	What has worked well year-to-date? What hasn’t worked so well?
20:30	What is your broad outlook for the asset class in the medium term?

Egbert is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on October 15, 2019.

About Egbert Nijmeijer

Egbert Nijmeijer, Kempen

Egbert Nijmeijer joined Kempen in 2011 as a Senior Portfolio Manager. Prior to this, Egbert worked for the development finance department of Bouwfonds and as an Asset Manager at a residential corporation. In these roles, he gained experience with the Direct Real Estate Market. He began his career in 2000 at Robeco as Portfolio Manager, where he managed equity portfolios for 6 years.

Egbert holds a Masters in Industrial Engineering & Management specialising in civil engineering. He completed the Real Estate management programme of Harvard Business School. He currently coordinates the Harvard / Kempen shared Real Estate research projects.

Egbert is a member of the US retail council at Urban Land Institute (ULI). At ULI Egbert is also part of the Editorial Board for ULI’s Emerging Markets Trends research, and holds a position in the Content Advisory Group advising ULI on their direction of research efforts.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Report – October 16, 2019

Pat Keon, CFA — Sat, 19 Oct 2019 14:37:03 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) recorded net inflows of slightly more than $5.0 billion for the fund-flows trading week ended Wednesday, October 16. This was the seventh straight net positive flow for the fund groups, as taxable bond funds (+$6.3 billion), equity funds (+$3.1 billion), and municipal bond funds (+$1.2 billion) all were on the plus side for the week. In a reversal of fortune, and after six consecutive net inflows, money market funds saw $5.6 billion leave their coffers this week.

Pat Keon, CFA speaks to the highlights in this week’s video.

Lipper Weekly U.S. Fund Flows Video Series—September 25, 2019

Tom Roseen — Fri, 27 Sep 2019 22:16:40 +0000

Fund Investors and APs Turn a Cold Shoulder to Equities During the Week

For the fourth week in a row, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $27.3 billion for Lipper’s fund-flows week ended September 25, 2019. Fund investors were net purchasers of money market funds (+$37.8 billion), municipal bond funds (+$1.6 billion), and taxable fixed income funds (+$427 million). However, they were net redeemers of equity funds (-$12.6 billion). Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Report – September 11, 2019

Pat Keon, CFA — Sun, 15 Sep 2019 13:29:18 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) took in $32.7 billion in net new money for the fund-flows trading week ended Wednesday, September 11. This total represents the fourth highest weekly net inflow for the year to date. Each asset group recorded a positive net inflow for the week, led by money market funds (+$17.6 billion), while taxable bond funds (+$7.4 billion), equity funds (+$6.8 billion), and municipal bond funds (+$930 million) all recorded solid results.

Pat Keon, CFA speaks to the highlights in this week’s video.

Lipper Weekly U.S. Fund Flows Report – August 28, 2019

Pat Keon, CFA — Sun, 01 Sep 2019 11:59:29 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) had net outflows of $17.0 billion for the fund-flows trading week ended Wednesday, August 28. The negative net flows were paced by money market funds (-$16.2 billion) and equity funds (-$7.3 billion) while taxable bond funds and municipal bonds funds took in $5.0 billion and $1.5 billion in net new money, respectively.

Pat Keon, Lipper senior research analyst, speaks to the highlights in this week’s video.

Fund Manager Chat: Keith Skeoch, CEO–Standard Life Aberdeen PLC

Jake Moeller — Fri, 30 Aug 2019 10:34:07 +0000

In this #FundManagerChat podcast, Keith Skeoch, CEO of Standard Life Aberdeen Plc, [SLA.L] discusses the wide range of issues currently influencing its business.

Keith addresses the fund outflows and performance issues outlined SLA’s recent half-year results and discusses the elements of its core business which are performing well.

Keith also discusses the blend of SLA’s business and how core and other listed assets are influencing key strategic decision making.

Additionally, in the interview Keith covers the subjects of fee compression, cost cutting, geopolitical risks as well as some of the key opportunities he sees for fund firms in the near term.

Running Order

Run Time	Topic
00:25	How are you settling into the role of sole CEO of Standard Life Aberdeen PLC?
01:00	On reported half-year net outflows: Do you believe you have turned the corner?
02:20	What elements of your core business, outside of EM equities and GARs, have been performing well?
04:00	How have you maintaining staff morale and keeping your investment talent and resources engaged?
05:10	How does the blend of your core business and other balance sheet assets affect your strategic decision making?
06:30	How important is the development of your platforms/ advice business in your wider strategy?
08:40	How do you deal with the pressures on active fund fees? Can you increase fees once they’ve been reduced?
10:55	How are you going to squeeze more cost savings out of your business?
12:08	What are some of the potential market risks that are keeping you awake at night?
14:20	What do you see as some of the key opportunities that Standard Life Aberdeen can tap into over the next couple of years?

Keith Skeoch is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on August 29, 2019.

About Keith Skeoch

Keith Skeoch, Standard Life Aberdeen Plc.

Keith Skeoch is Chief Executive of Standard Life Aberdeen plc, which oversees £577bn* of assets for clients.

Keith has held a number of key industry appointments. He is currently a board member of the Financial Reporting Council and Deputy Chair of the Investment Association.

Keith is also a Trustee of the Edinburgh International Festival.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Video Series—August 21, 2019

Tom Roseen — Mon, 26 Aug 2019 14:38:31 +0000

For the third consecutive week, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $14.6 billion for Lipper’s fund-flows week ended August 21, 2019. Fund investors were net purchasers of money market funds (+$22.6 billion), taxable fixed income funds (+$2.8 billion), and municipal bond funds (+$1.6 billion). However, they were net redeemers of equity funds (-$12.2 billion). Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Report – August 14, 2019

Pat Keon, CFA — Tue, 20 Aug 2019 15:01:40 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) had net inflows of $21.1 billion for the fund-flows trading week ended Wednesday, August 14. All four fund asset groups had positive net flows for the week paced by money market funds which took in net new money of $10.6 billion. The remainder of the groups all had relatively strong net inflows as taxable bond funds, equity funds, and municipal bond funds grew their coffers by $5.8 billion, $3.1 billion, and $1.6 billion, respectively.

Pat Keon, a senior research analyst with Lipper, speaks to the highlights in this week’s video.

Fund Manager Chat: North American Dividend Income–John Weavers, M&G

Jake Moeller — Fri, 16 Aug 2019 11:04:50 +0000

In this #FundManagerChat podcast, John Weavers, Manager of the M&G North American Dividend Fund outlines the case for U.S. equity income.

John reveals the philosophy and process of underpinning his fund and explains how “Dividend Achievers” have been able to produce superior returns to the S&P 500.

John also considers the types of opportunities he is finding in a market that is dominated by the noise of the China/ U.S. trade war. He explains why he currently likes the U.S. healthcare sector and the payments industry. He also shares his views on the state of U.S. corporate balance sheets and the broader outlook for the U.S. equity market.

Running Order

Run Time	Topic
00:20	Outline the objective and philosophy of the M&G North American Dividend Fund
02:00	How have “Dividend Achievers” performed against the S&P 500 and why?
04:21	Explain your benchmark. Why not use a high-yield benchmark? How are valuations currently?
06:37	Where are you currently finding opportunities in your market?
08:40	How are you finding your way through the noise of the US/ China Trade war?
11:10	How are US corporate balance sheets? What’s the outlook for US Dividend growth?
13:10	What is currently exciting you about the US equity dividend market?
15:20	What is your outlook for US equities more generally? Do you have any concerns?

John Weavers is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on August 14, 2019. Thank you to David Halfacre from M&G for facilitating this meeting.

About John Weavers

John Weavers, M&G.

John is the manager of the M&G North American Dividend Fund since April 2015. In January 2016, he was appointed deputy fund manager of the M&G Global Dividend Fund before being joined by Alex Araujo as co deputy fund manager in April 2016.

John is also the deputy manager of the M&G Global Listed Infrastructure Fund and the M&G (Lux) Global Listed Infrastructure Fund since their launch in October 2017.

He joined M&G as a graduate in 2007 and worked as an analyst in the Equity Research team before joining the Income team in January 2012.

John graduated from Oxford University with an honours degree in politics, philosophy and economics and is a CFA charterholder.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Video Series—August 7, 2019

Tom Roseen — Fri, 09 Aug 2019 22:58:40 +0000

For the eighth week in nine, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $38.8 billion for Lipper’s fund-flows week ended August 7, 2019. However, the headline number is misleading. Fund investors were net purchasers of money market funds (+$64.7 billion) and municipal bond funds (+$2.4 billion, its largest weekly net inflows on record going back to 1992). However, they were net redeemers of equity funds (-$25.2 billion) and taxable fixed income funds (-$3.0 billion). Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Report – July 31, 2019

Pat Keon, CFA — Fri, 02 Aug 2019 19:02:40 +0000

For the first week in eight, Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) suffered overall net outflows as slightly more than $8.3 billion left their coffers during the fund-flows trading week ended Wednesday, July 31. The net negative flows were driven by money market funds (-$14.1 billion) while all other asset groups took in net new money as investors moved money off the sidelines. Equity funds (+$3.6 billion) had the largest net inflows, while taxable bond funds (+$1.8 billion) and municipal bond funds (+$434 million) also had net positive flows.

Pat Keon, Lipper Senior Research Analyst, speaks to the highlights in this week’s video.

Fund Manager Chat: Global Small Cap Equities: Kempen

Jake Moeller — Thu, 01 Aug 2019 13:27:34 +0000

In this #FundManagerChat podcast, Jan Willem Berghuis and Maarten Vankan from Kempen and managers of the Kempen Global Small Cap Fund outline the case for global smaller company equities.

Jan Willem and Maarten introduce the process and philosophy of their fund and outline how they distill a large stock universe into a compact and manageable portfolio. They explain the drivers of the fund’s performance and reveal how despite its value bias, the fund has managed to out-perform in periods with differing market drivers.

Jan and Maarten also discuss the importance of ESG criteria in the fund’s process and discuss the relative valuation of global smaller company equities.

Running Order

Run Time	Topic
00:20	Tell us a little bit about Kempen the firm
00:52	Outline the philosophy and process of the Kempen Global Small Cap Fund
01:55	What is the case for small cap equities generally?
03:20	You have a concentrated portfolio but a large universe to choose from. Where do you start?
04:15	The fund has strong outperformance from inception. What is driving this given your value bias?
05:55	How should you portfolio perform in different types of markets?
06:29	What has worked well for the portfolio in 2019? What hasn’t worked so well?
07:29	How do you incorporate ESG criteria into your process?
09:00	What is the outlook for global smaller cap equities?

Jan Willem and Maarten are chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on July 31, 2019.

About Jan Willem Berghuis

Jan Willem Berghuis

Jan Willem Berghuis is Head of Kempen Small-caps. He joined Kempen Capital Management in April 2008 as senior portfolio manager. Prior to joining KCM Jan Willem worked as an analyst for the security brokerage business of Kempen & Co for 9 years.

Jan Willem has over 17 years of experience in the financial sector. He is a CFA charterholder and holds a Master’s degree in Applied Physics from the University of Groningen.

About Maarten Vankan

Maarten Vankan

Maarten Vankan is a Senior Portfolio Manager, Kempen Global Small-caps. He joined Kempen in 2014. Prior to that he worked for 7 years as a portfolio manager and analyst for Cyrte Investments.

Prior to his tenure at Cyrte, Maarten was a portfolio manager at Aegon Asset Management and ABN AMRO Asset Management.

Maarten has a 20-year experience in the fund management industry. He is a CFA charterholder and holds a Master’s degree in Econometrics from the University of Tilburg.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Video Series—July 24, 2019

Tom Roseen — Fri, 26 Jul 2019 21:00:25 +0000

For the seventh week in a row, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $23.6 billion for Lipper’s fund-flows week ended July 24, 2019. Fund investors were net purchasers of money market funds (+$26.0 billion), taxable fixed income funds (+$4.0 billion), and municipal bond funds (+$2.0 billion, its largest weekly net inflows on record going back to 1992). They were, however, net redeemers of equity funds (-$8.4 billion). Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Report – July 10, 2019

Pat Keon, CFA — Mon, 15 Jul 2019 01:01:29 +0000

Lipper’s fund asset groups (including both mutual funds and exchange-traded funds) took in $32.0 billion in net new money for the fund-flows trading week ended Wednesday, July 10. All four fund asset groups had positive net flows for the week, paced by money market funds (+$27.9 billion), while taxable bond funds, equity funds, and municipal bond funds contributed $2.1 billion, $1.0 billion, and $1.0 billion, respectively, to the overall net inflows. It was the twenty-seventh consecutive net inflow for the municipal bond fund group—the group’s longest winning streak since its 54-week run from Q3 2015 to Q3 2016. The group took in approximately $38.1 billion during the previous streak, compared to $32.2 billion since the current streak began.

Pat Keon, a senior analyst with Lipper, speaks to the highlights in this week’s video.

Lipper Weekly U.S. Fund Flows Report – June 19, 2019

Pat Keon, CFA — Sun, 23 Jun 2019 02:43:18 +0000

Lipper’s fund asset groups (including both mutual funds and ETFs) had net positive flows of $3.6 billion for the fund-flows trading week ended Wednesday, June 19. Taxable bond funds paced the weekly intake with positive net inflows of $7.2 billion. This marked the group’s second straight weekly net inflow of greater than $7.0 billion—the last two weeks have been the taxable bond fund group’s largest weekly net inflows since taking in $8.4 billion for the fund-flows week ended January 9, 2019. Municipal bond funds also contributed to the net inflows with a net positive flow of $856 million (the groups’ twenty-fourth consecutive weekly net inflow), while equity funds (-$3.7 billion) and money market funds (-$798 million) both saw money leave their coffers.

Pat Keon, a senior research analyst at Lipper, speaks to the highlights in this week’s video.

Fund Manager Chat: Emerging Europe Equities, Aziz Unan–Mori Capital

Jake Moeller — Fri, 21 Jun 2019 09:49:15 +0000

In this #FundManagerChat podcast, Aziz Unan, founder of Mori Capital and manager of the Mori Ottoman Fund and the Mori Eastern European Fund outlines the case for Emerging European equities.

Aziz outlines the unique opportunities of his investment universe and discusses some of the risks inherent in Emerging Europe equities. He provides an outline of how his portfolio is currently positioned, why he is overweight Turkey and why he is currently holding a significant amount of cash in this portfolio.

He also outlines the possible implications to his portfolio due to U.S. interest rate policy and outlines how this portfolio could perform in different macroeconomic environments.

Running Order

Run Time	Topic
00:20	Outline the philosophy and process of the Mori Ottoman Fund
01:30	Why should investors consider exposure to Emerging Europe equities?
04:10	Outline your investment universe and the types of risk unique to Emerging Europe equities
06:38	Explain your overweight to Turkey
07:50	Where else are you finding ideas for your portfolio? What areas are you avoiding?
09:50	Explain your high cash holding in the portfolio
12:50	What potential impact could US interest rate policy have on your portfolio?
15:00	How should you portfolio perform in different types of markets?

Aziz is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, via telephone on June 19, 2019.

About Aziz Unan

Aziz Unan, Mori Capital

With more than 22 years of investment experience, Aziz has been managing Mori Ottoman Fund (formerly known as Griffin Ottoman Fund) since its inception in January 2006 and Mori Eastern European Fund (formerly known as Griffin Eastern European Fund) since 2015.

Aziz started his finance career as an equity analyst at Erste Bank in 1996. He was the Head of Research at Wood & Company between 2002 and 2004 covering Emerging European equities.

Aziz joined Griffin Capital Management in 2005 as a portfolio manager. He founded his own boutique Mori Capital Management in 2015 and continues to manage the Eastern European and Ottoman Funds under Mori since then.

Aziz holds a BA in Business Administration from the Anglo-American University.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Fund Manager Chat: Global Senior Secured Bonds, Chris Sawyer–Barings

Jake Moeller — Thu, 30 May 2019 13:36:07 +0000

In this #FundManagerChat podcast, Chris Sawyer, manager of the Barings Global Senior Secured Bond Fund, outlines his case for this asset class.

Chris discusses how senior secured bonds differ to broader high-yield bonds and examines how their place in a company’s capital structure affects their performance characteristics. He also outlines factors influencing his regional and sector positioning and explains his portfolio composition in the current interest rate and macroeconomic environment.

Chris also considers the positioning of the business and credit-default cycle and how the extra principal protection offered by secured bonds may have been overlooked by traditional high-yield investors.

Running Order

Run Time	Topic
00:20	Tell us about senior secured bonds. Why might they be attractive?
01:05	What’s their relationship to high-yield bonds in terms of spreads and risk?
02:40	Outline potential liquidity risk and their correlation to equities
03:45	What impact does the current interest rate regime have on your process?
05:00	What are the implications of the current positioning of the business cycle on your fund?
07:30	Is the current inflation outlook of any concern to you?
09:40	What are your regional preferences in the fund and why?
10:40	How is your fund positioned at the stock selection level?
12:00	Why should investors consider an allocation to global secured bonds in their fixed income component?

Chris is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on May 30, 2019.

About Chris Sawyer

Chris Sawyer, Barings

Chris Sawyer is a member of Barings’ European High Yield Investments Group and serves as a member of the European High Yield Investment Committee.

Chris is responsible for the portfolio management of several high yield strategies and also manages the firm’s European high yield trading operations. Chris has 13 years of industry experience, joining Barings in 2005.

Prior to joining the Trading team in 2008, Chris worked in the Portfolio Monitoring team where he was responsible for the performance analysis of individual portfolio assets.

Chris holds a BSc in Economics and Business Finance from Brunel University

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Fund Manager Chat: Diversity in Asset Management, Bev Shah – CEO, CityHive

Jake Moeller — Fri, 17 May 2019 12:53:26 +0000

In this #FundManagerChat podcast, Bev Shah, founder and CEO of CityHive, discusses the current state of diversity and inclusion in the asset management industry.

Bev explains how she came about to found the CityHive initiative and outlines how asset management firms can benefit from increasing workplace levels of diversity and inclusion.

Bev considers the types and levels of meaningful change that the industry needs to adopt in order to improve their corporate scorecards. She also explains the importance of the role of education in encouraging a more diverse pool of potential asset management employees.

Running Order

Run Time	Topic
00:20	What is the objective of CityHive? What are you trying to achieve?
02:23	How is the asset management industry lacking in diversity?
05:35	What are the benefits of improving diversity?
07:45	What constitutes “meaningful change”? How do firms avoid lip service?
09:28	Which firms are supporting your initiatives?
11:15	How does CityHive fit in with other diversity and inclusion initiatives?
12:16	How does education about the role of asset management fit your agenda?
14:00	How important is our use of language around diversity and inclusion?
16:00	Why should individuals consider joining the CityHive network?

Bev is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on April 26, 2019.

About Bev Shah

Bev Shah, CityHive

Bhavini ‘Bev’ Shah is Founder and CEO of City Hive – A Network for Change.

Prior to founding City Hive in 2016, Bev gained more than 15 years’ investment experience in the City of London at some of the world’s largest financial institutions.

As a British/Indian dyslexic woman (and married mother of two), Bev is passionate about empowering the investment and asset management sector to forge a more equitable and inclusive culture.

Bev believes in the value of diverse thought and experience in rebuilding trust in financial services and enhancing investment performance. Bev is a media commentator on topics of gender equality and all aspects of diversity in the investment sector.”

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Report – May 8, 2019

Pat Keon, CFA — Mon, 13 May 2019 03:44:30 +0000

Lipper’s fund asset groups (including both mutual funds and ETFs) had net positive flows of $12.6 billion for the fund-flows trading week ended Wednesday, May 8. Money market funds (+$22.0 billion) paced the net inflows, followed by the taxable bond funds (+$1.8 billion) and municipal debt funds (+$1.5 billion) asset groups. Equity funds were the only group to suffer net outflows, as they saw $12.7 billion leave their coffers.

Pat Keon, a senior research analyst at Lipper, speaks to the highlights in this week’s video.

Fund Flows Chat – Review of European Fund Flows Q1 2019

Detlef Glow — Sun, 05 May 2019 12:37:41 +0000

In this Lipper podcast hosted by Detlef Glow and Tobias Hartmann, the major findings of our European fund industry review Q1 2019 are outlined. It includes analysis and commentary on the following key topics:

assets under management in the European fund industry
fund flows by asset and product type
best and worst selling sectors
best selling fund promoter

Detlef and Tobias also consider some of the market drivers which are influencing investors towards these trends and their implications for product providers.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

Lipper Weekly U.S. Fund Flows Report – April 24, 2019

Pat Keon, CFA — Mon, 29 Apr 2019 13:43:15 +0000

Lipper’s fund asset groups (including both mutual funds and ETFs) experienced net inflows of $4.9 billion for the fund-flows trading week ended Wednesday, April 24. Taxable bond funds (+$6.4 billion) and municipal debt funds (+$1.6 billion) took in almost $8.0 billion combined for the week, while money market funds contributed $4.3 billion to the total positive flows. Equity funds (-$7.3 billion) were the only asset group to suffer net outflows for the week.

Pat Keon, a senior research analyst with Lipper, speaks to this week’s highlights in the video.

Fund Manager Chat: Frontier Markets Outlook–James Johnstone, RWC Partners

Jake Moeller — Tue, 23 Apr 2019 13:27:15 +0000

In this #FundManagerChat podcast, James Johnstone, of RWC Partners and lead fund manager of the newly founded RWC Next Generation Emerging Markets Equity Fund explains the key investment theses underpinning frontier markets in 2019.

James considers how frontier markets should be differentiated against broader emerging market equities and the unique characteristics and opportunities they offer an investor. He outlines how RWC’s thematic overlay contributes to the portfolio composition of his fund and where this is leading him for his stock selection ideas.

James also outlines his current regional preferences in the portfolio, areas of the market he is avoiding and assesses key factors investors should keep in mind when seeking to invest in frontier market equities.

Running Order

Run Time	Topic
00:20	What do you mean by “Next Generation?” within this new fund launch?
02:00	What is the emerging markets/ frontier markets lifecycle? Why is this important?
03:25	How does your thematic overlay at RWC impact your stock selection?
05:20	Outline the composition of your current portfolio
07:20	What areas of the market are you avoiding and why?
09:10	How are current high-level geopolitical factors affecting frontier market equities?
11:40	How significant are liquidity risks in this portfolio? How do you mitigate them?
13:00	What are key points investors/ potential investors should consider in frontier market equities?

James is chatting with Jake Moeller, Head of Lipper UK and Ireland Research at Refinitiv, in London on April 23, 2019.

About James Johnstone

James Johnstone, RWC Partners.

James joined RWC in March 2015 from Everest Capital to co-manage the Emerging and Frontier Markets team with John. He has 19 years of investment management experience. Before joining RWC, James was most recently responsible for frontier markets analysis and portfolio management at Everest Capital.

He was also formerly co-founder and CIO of a multi-strategy Asian hedge fund and analyst at Gartmore and Schroders before that, where he focussed on emerging market equities.

James holds an MA (Hons) in Classics and Modern Languages, Christ Church, Oxford University and speaks Russian.

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Lipper Weekly U.S. Fund Flows Video Series—April 17, 2019

Tom Roseen — Fri, 19 Apr 2019 17:37:33 +0000

For the first week in four, investors were overall net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $44.6 billion for Lipper’s fund-flows week ended April 17, 2019. However, the headline numbers are misleading. Fund investors were net purchasers of equity funds (+$5.5 billion), taxable fixed income funds (+$3.7 billion), and municipal bond funds (+$679 million), while being net redeemers of money market funds (-$54.5 billion), the groups largest net redemption since the week ended August 3, 2011.Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Video Series—April 10, 2019

Tom Roseen — Fri, 12 Apr 2019 20:25:19 +0000

For the third consecutive week, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $1.4 billion for Lipper’s fund-flows week ended April 10, 2019. Fund investors were net purchasers of taxable fixed income funds (+$4.8 billion), equity funds (+$4.3 billion), and municipal bond funds (+$956 million), while being net redeemers of money market funds (-$8.6 billion). Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.

Lipper Weekly U.S. Fund Flows Report – April 3, 2019

Pat Keon, CFA — Fri, 05 Apr 2019 20:03:57 +0000

Lipper’s fund asset groups (including both mutual funds and ETFs) experienced net inflows of $1.9 billion for the fund-flows trading week ended Wednesday, April 3. Taxable bond funds (+$3.7 billion) took in the most net new money, while money market funds (+$1.4 billion) and municipal debt funds (+$714 million) also contributed to the net positive flows. Equity funds (-$3.9 billion) were the lone asset group to experience net outflows.

Pat Keon, a senior research analyst with Lipper, speaks to this week’s highlights.

Lipper Weekly U.S. Fund Flows Video Series—March 20, 2019

Tom Roseen — Fri, 22 Mar 2019 21:45:04 +0000

For the first week in four, investors were overall net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $24.1 billion for Lipper’s fund-flows week ended March 20, 2019. However, the headline numbers are slightly misleading. Fund investors were net purchasers of taxable fixed income funds (+$6.6 billion), equity funds (+$3.6 billion), and municipal bond funds (+$1.4 billion), while being net redeemers of money market funds (-$35.7 billion, their largest weekly net outflows since June 20, 2018). Tom Roseen highlights the weekly flows trends for both conventional funds and ETFs in this video series.