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Focus on Deutsche AM fund flows: biggest inflows and outflows

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

Flows vs. performance

Flows into and out of funds can be used to ascertain investor interest for a certain fund or asset class. Funds can fall in and out of favour for a variety of reasons including performance, management changes and market movements.

In this series, Citywire Selector examines the relationship between the three year performance of a fund against its Citywire-assigned benchmark and compares it with the amount of money the fund attracted over the first six months of 2017.

Using Citywire data, this gallery highlights which funds at Deutsche Asset Management saw the biggest inflows and outflows in the first half of this year. Read on to see whether popularity is based on performance.

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 July 2014-July 2017.

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Deutsche Floating Rate Notes

Net flows: €2.6 billion ($3 billion)

The €6 billion Deutsche Floating Rate Notes fund has attracted the highest amount of money over the first part of the year, but has narrowly underperformed its Citywire-assigned benchmark over a three-year period.

However, the fund has performed well from August 2016 to July 2017. Over this time period the fund has consistently beaten the average manager in the sector and is ranked 68 out of 226 funds. This suggests that the short-term performance of the fund has helped drive investors to invest.

Managed by Christian Reiter since 2005, the 333 bonds in the fund have an average maturity of 25.7 months and a duration of 2.1 months.

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: Three years to 31/07/2017.

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Deutsche Concept Kaldemorgen

Net flows: €1.8 billion ($2.2 billion)

The €7.3 billion Deutsche Concept Kaldemorgen has the best performance out of all the funds in this quartet and has seen the second highest inflows over the first half of 2017.

The fund did not beat the sector average throughout the three-year period. However performance picked up in February 2016 and its manager Klaus Kaldemorgen is now delivering double the performance of the average manager in the sector. The increased inflows suggest that investors believe he can continue this winning streak.

In terms of holdings, equities make up 43.1% of the fund and healthcare is the largest sector at 7.1%. Bonds account for 25.8% of the fund and 37.3% of these are BB rated. Kaldemorgen also has a 26.6% cash allocation, which is a reduction from 30% in June 2017.

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: Three years to 31/07/2017.

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Deutsche Invest I Convertibles

Net flows: -€461.5 million (-$548.9 million)

The €1.7 billion Deutsche Invest I Convertibles fund has seen the highest outflows out of all the cross-border funds at Deutsche Asset Management over the first half of the year. The fund’s performance against its Citywire-assigned benchmark could be the reason for the outflows. When compared to its peers, the fund is ranked 111 out of 135 funds in the sector over a year.

Christian Hille has been managing the fund since June 2011. In his latest update for the fund, Hille said the energy and commodity sectors had been the weakest areas, while a lack of new issues over the summer had limited choice in the market.

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: Three years to 31/07/2017.

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db PrivatMandat Comfort – PRO Deutschland

Net outflows: -€387.1 million (-$460.1 million)

The db PrivatMandat Comfort-PRO Deutschland is the worst performing fund in this line-up and the only fund which has lost money over the three-year time frame. When compared to its peers, the fund is ranked 575 out of 640 funds over the three-year period. Outflows suggest investors are being deterred by the fund's underperformance.

The fund has been managed by Sascha Kayser since July 2009. It aims to identify and capitalise on trends in German equities and bonds.

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: Three years to 31/07/2017.

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Related Fund Managers

Sascha Kayser
Sascha Kayser
572/619 in Mixed Assets - Flexible EUR (Performance over 3 years) Average Total Return: -1.79%
Christian Reiter
Christian Reiter
77/139 in Bonds - Euro Short Term (Performance over 3 years) Average Total Return: 0.84%
Christian Hille
Christian Hille
34/81 in Bonds - Convertibles Global (Performance over 3 years) Average Total Return: 5.56%
Klaus Kaldemorgen
Klaus Kaldemorgen
12/64 in Alternative UCITS - Multi Strategy (Performance over 3 years) Average Total Return: 12.07%
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