Strong Inflow Into Euro Equity Funds In October

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Strong Inflow Into Euro Equity Funds In October

The global bull market for equities may be growing long in the tooth, but investors have not lost their appetite for stocks just yet. A Citi Research report released yesterday quoted data from EPFR showing that global inflows to equity funds grew by $113 billion or 1.1% in October. This was the largest monthly inflow into equity funds in 2013, topping the $63 billion that flowed in during January of this year. It should also be noted that October was the first month of inflows since May for global bond funds ($3 billion or 0.1%)

European and Japanese funds showing greatest increases

European equity funds are experiencing the greatest inflows. Over $14 billion moved into Euro-area equity funds in October, an increase of over 1.1%. The report also showed that inflows to European and Japanese equity funds had increased significantly so far in 2H 2013, increasing by 4.4% and 5.5% respectively. U.S. equity funds saw inflows of $78 billion so far in 2H 2013, representing around 1.5% growth. Despite the positive inflows into developing market bond funds in October, they have experienced around 1.5% outflows so far in 2H 2013.

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Emerging market funds continue to see outflows

As Figure 1 illustrates, 2H 2013 is an abrupt reversal of the strong inflows into emerging market equity funds seen in 2H 2012. More than $11 billion has flowed out of EM equity funds since July, representing somewhere around a 1.2% decrease. EM bonds funds saw new capital flow in at a rate of almost 13% in 2H 2012, but the bottom dropped out from there, with EM bond funds suffering around 7.5% outflows since July.

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