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Focus on Schroders flows: biggest inflows and outflows revealed

Citywire Selector examines the relationship between the performance of a fund and investor interest.

Flows vs. performance

Asset flows can be used to measure the popularity of fund. Investors often chose a funds according to its size, the track record of the manager and the state of the market. But what about longer-term performance?

In this series, Citywire Selector takes a closer look at the link between the three-year performance of a fund against its Citywire-assigned benchmark and the amount of money it attracted over the first six months of 2017.

Using Citywire data, this gallery showcases which funds at Schroders earned money from good performance and which ones failed to sustain investor interest.

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 August 2014-August 2017.

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Schroder ISF EURO Equity

Net flows: €494.2 million ($580.5 million)

The €4.65 billion Schroder ISF EURO Equity fund has seen the highest inflows out of all the cross-border funds on offer from Schroders over the first half of the year. It has outperformed its benchmark despite performance hitting a low in June 2016, but has continued to rise since. The increased inflows suggest investors feel it can continue this winning streak. It is currently ranked 62 out of 366 funds in the EuroZone sector.

Citywire A-rated Martin Skanberg has managed the fund since May 2010. France is the largest country holding in the fund at 31.9%. Skanberg holds 54 companies in the fund, the largest of which is German healthcare firm Bayer at 4.9%. The French financial group BNP Paribas makes up 4.7% of 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: Three years to 31/08/2017.

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Schroder ISF Asian Opportunities

Net flows: €436.53 million ($512.73 million)

The $5.66 billion Schroder ISF Asian Opportunities has seen the second highest amount of inflows of any at Schroders over the first six months of 2017.

Performance could account for the inflows as the fund is currently ranked 19 out of 384 funds for its three-year returns. The fund has returned the most of all the funds in this line up and performance has surged since the start of the year.

The prospect of a change in management has done little to stop investor interest. As Citywire AA-rated Robin Parbrook, who has managed the fund since October 2010, will step down from the fund at the beginning of 2018. This will see responsibility handed to Toby Hudson and Citywire + rated King Fuei Lee, who already works on the fund.

In terms of holdings, the managers hold 50 stocks with the largest being electronics company Taiwan Semiconductor Manufacturing at 7.7% of the fund. IT is the largest sector allocation at 39.5%.

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 31/08/2017.

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Schroder ISF QEP Global Active Value

Net flows: - €559.50 million (-$657.10 million)

The $2.3 billion Schroder ISF QEP Global Active Value has seen the highest inflows out of all the cross-border funds offered by Schroders. It has returned the least out of all the funds in this gallery and underperformed its benchmark over the three-year time frame.

Justin Abercrombie has managed the fund since it launched in 2005. While the outperforming funds in this line up are more highly concentrated, Abercrombie has 506 holdings in the fund. He is also overweight both the materials and energy sectors, which make up 7.2% of the fund each.

The largest holdings in the fund are health care firm Gilead Sciences, Japanese telecom operator KDDI and train operator Central Japan Railway, which each make up 0.8% of the fund. On a country basis North America is the largest allocation at 37.74% while Japan makes up 12.3%.

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 31/08/2017.

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Schroder ISF EURO Bond

Net flows: -€459.15 million ($539.24 million)

The €2 billion Schroder ISF EURO Bond fund is the only fixed income fund in this round up and has seen the second highest outflows over the first six months of 2017. It has underperformed against its benchmark over the three-year period. Changes in the management team of the fund could be also be linked to withdrawals from the fund.

In August 2016 Gareth Isaac left Schroders, causing the company to redistribute responsibility for his funds. Tom Sartin and James Lindsay-Fynn joined co-manager Paul Grainger on the fund after Isaac’s departure.

In terms of holdings, this trio now have government bonds accounting for 44.7% of the fund and 55% of the bonds have a duration of a year or less. France is the biggest country allocation at 18.7%, while Italy makes up 11.8% of 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: Three years to 31/08/2017.

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Related Fund Managers

Tom Sartain
Tom Sartain
12/20 in Bonds - Absolute Return GBP (Performance over 1 year) Average Total Return: 2.80%
James Lindsay-Fynn
James Lindsay-Fynn
11/20 in Bonds - Absolute Return GBP (Performance over 1 year) Average Total Return: 2.80%
Paul Grainger
Paul Grainger
13/20 in Bonds - Absolute Return GBP (Performance over 1 year) Average Total Return: 2.80%
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419/1239 in Equity - US (Performance over 3 years) Average Total Return: 31.00%
Martin Skanberg
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17/84 in Equity - Europe Excluding UK (Performance over 3 years) Average Total Return: 42.65%
Robin Parbrook
Robin Parbrook
18/217 in Equity - Asia Pacific Excluding Japan (Performance over 3 years) Average Total Return: 39.19%
Toby Hudson
Toby Hudson
12/217 in Equity - Asia Pacific Excluding Japan (Performance over 3 years) Average Total Return: 42.34%
Lee King Fuei
Lee King Fuei
105/217 in Equity - Asia Pacific Excluding Japan (Performance over 3 years) Average Total Return: 20.48%
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Gareth Isaac
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