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Focus on Amundi fund flows: biggest inflows and outflows revealed

In a new series, Citywire Selector compares the three-year returns of major AM firms' funds with their popularity among investors.

Flows vs. performance

It is often assumed that when a fund underperforms, investors will withdraw their money. Conversely, when a fund starts to fire on all cylinders that is when investors will flock to it. However, Citywire data shows that this isn’t always the case.

In this new series, Citywire Selector examines the relationship between flows and performance of the funds from the largest asset management companies active in the cross-border market.

Using Citywire data, this gallery highlights the funds at French group Amundi which experienced the biggest inflows and outflows over the past six months, while also assessing their respective three-year absolute returns against their Citywire-assigned benchmarks. Read on to find out whether investor interest coincides with longer-term outperformance.

Note: Flows figures based on Citywire data to the end of June 2017. Performance based on Lipper data compared to a Citywire-assigned benchmark over the three-year period covering June 2014-June 2017.

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First Eagle Amundi Income Builder

Net flows: €2 billion ($2.4 billion)

The $2.9 billion First Eagle Amundi Income Builder fund attracted the most new money among all of Amundi's funds over the six months to the end of June 2017. The mixed asset fund is managed by Edward Meigs and Sean Slein, who have overseen it since its launch in September 2014. T. Kimball Brooker joined the team in 2016.

The managers take a bottom up value approach to the fund. International stocks make up 29.74% of the fund and US stocks have a 18.34% allocation. Food producer Nestle the largest company holding at 2.32%.

In the fixed income portion of the fund, US corporate bonds make up 24.83% and the managers allocated 8.31% of the fund to short term government bonds. There is also a 6.03% holding of cash.

Since launch, the overall return of the fund has been positive, but, despite taking in considerable net new money, the fund has underperformed its benchmark. In the latest available commentary, the fund managers said precious metals was the worst performing sector and Japanese telecoms operator KDDI Corporation was the worst performing holding along with Rexel SA, a French electrical supplies company, which saw its stocks value fall by 7.34%.

Estimated net flows derived from Lipper data using monthly data points.Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: 3 years to 30/07/2017.

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First Eagle Amundi International Fund

Net flows: €764.8 million ($903.7 million)

The head of First Eagle's global value team, Matthew McLennan, has managed the $9.5 billion First Eagle Amundi International fund with T. Kimball Brooker since September 2008. The fund invests mainly in equities but also has allocation to gold-related securities (10.42%) and has an 11.75% held in cash.

US-based equities make up 33.08% of the fund and the managers allocate 14.8.3% to European equities. There is also a 12.99% allocation to Japan.On a company basis, the largest holdings are technology firm Oracle Corporation, which makes up 2.64% of the fund. This is followed by computer software manufacturer Microsoft at 2.12%

As with the previous fund in this line up, returns over a three-year period are positive but the fund is underperforming its benchmark, which has risen strongly in the past year. In the latest available factsheet, the managers said that the share price of Comcast Corporation Class A, the American global telecommunications conglomerate fell by 6.38% and was the largest detractor from the fund on a month-by-month basis.

Estimated net flows derived from Lipper data using monthly data points.Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: 3 years to 30/07/2017.

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Amundi Fds Absolute Volatility Euro Eq

Net flows: -€884.3 million (-$1.04billion)

This Alt Ucits fund is by Gilbert Keskin and Eric Hermitte, who are both co-heads of volatility and convertible bonds at Amundi. The €1.84 billion Amundi Fds Absolute Volatility Euro Eq fund has seen the most outflows at Amundi this year so far and is also the worst performing in this line up in absolute terms.

Performance in the options-focused strategy has dropped sharply since the beginning of the year, which correlates with the six month outflows figure. In their latest fund update, the managers said they were waiting for significant periods of stress on options markets which would allow a more active management of the volatility exposure and generate positive performance.

Estimated net flows derived from Lipper data using monthly data points.Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: 3 years to 30/07/2017.

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Amundi Fds Bond Global Aggregate

Net flows: -€849.9 million (-$1 billion)

The $5.9 billion Amundi Fds Bond Global Aggregate fund has been managed by Laurent Crosnier since March 2014, while former Pimco fund manager and now Amundi's head of global aggregate fixed income, Myles Bradshaw, joined in April 2015.

The largest country allocation in the fund is the US at 36.44%, which is followed by Italy at 10.09%. The managers devote 40.51% of the fund to bonds with a BBB credit rating and AAA-rated bonds make up 24.31% of the fund.

During the three year period, the fund has had periods of outperformance compared to its benchmark but performance has consistently lagged since December 2015. In their latest monthly commentary, the managers said the main positive contributor to the fund was being underweight overall duration and yield curve positioning. However, both inflation-linked bonds and emerging market currencies detracted from the fund.

Estimated net flows derived from Lipper data using monthly data points.Assets across all a fund’s share classes are included with performance stripped out. The universe covers all active mutual fund assets Citywire has fund managers assigned to in the global ex US peer group. Time period: 3 years to 30/07/2017.

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Related Fund Managers

Myles Bradshaw
Myles Bradshaw
111/178 in Bonds - Global Flexible (Performance over 1 year) Average Total Return: 4.11%
Sean Slein
Sean Slein
43/127 in Mixed Assets - Conservative USD (Performance over 3 years) Average Total Return: 12.35%
T. Kimball Brooker, Jr
T. Kimball Brooker, Jr
62/185 in Mixed Assets - Conservative USD (Performance over 1 year) Average Total Return: 8.58%
Matthew McLennan
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969/1356 in Equity - Global (Performance over 3 years) Average Total Return: 16.52%
Gilbert Keskin
Gilbert Keskin
18/19 in Alternative UCITS - Volatility Trading (Performance over 3 years) Average Total Return: -6.02%
Eric Hermitte
Eric Hermitte
19/19 in Alternative UCITS - Volatility Trading (Performance over 3 years) Average Total Return: -6.02%
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