Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

The mixed asset funds making H1 2017’s biggest inflows

Citywire Investment Research uncovers the mixed asset specialists attracting the most assets so far this year.

Mixed appeal

Mixed asset funds offer diversification through a wide range of exposures across different asset classes, which can help lower sensitivity to market movements as asset prices rarely go in one direction. During periods of volatility, a multi asset fund can also help investors achieve steady and smooth returns.

However, investors need to really look inside these mixed asset portfolios to ascertain the risk levels in the fixed income components of these funds. They will be made up of the riskier parts of the credit spectrum, including convertible bonds, high yield and, in some cases, asset- or mortgage-backed securities, as investors have had to look further away from traditional fixed income products to gain alpha.

In this gallery, Citywire Investment Research highlights the sub-sectors within mixed assets which have taken the most net inflows over the first half of 2017 and delve deeper to find out which managers are attracting the most noteworthy flows.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Sectors showcased

The mixed asset sector taking in the most net flows in the first of the year is the Mixed Assets – Balanced EUR sector, which focuses on funds with equal exposure to bonds and equities. Investors have gravitated towards these strategies over the past six months, with estimated net flows of €13.89 billion over this period.

Following closely behind is the Mixed Assets – Conservative EUR sector, where funds generally have more than 70% bond exposure, taking in €11.69 billion. In third position, Mixed Assets – Flexible EUR, took in €9.68 billion of net flows over the first half of 2017. These funds have the flexibility of shifting between asset-classes allowing investments to move with differing market cycles.

Over the next three slides, Citywire Investment Research delves into each of these sectors to find the most popular managers attracting the money.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Mixed Assets - Flexible EUR

Flexible strategies continue to gain favour with investors seeking a ‘go-anywhere approach’ to investing across multiple sectors.

The manager coming in the top spot for net flows over the first half of 2017 in the Mixed Assets – Flexible EUR sector is Corrado Gaudenzi, manager of the Eurizon Fund Azioni Strategia Flessibile fund. At the end of June his top country allocation was in the US and his top holding was the Eurizon Treasury EUR fund.

In second position are Juan Nevado and Tony Finding, who co-run the M&G Dynamic Allocation fund. They manage the fund with a highly flexible investment approach and have the freedom to allocate capital between different types of assets in response to changes in economic conditions and asset prices. Both mangers started to run the fund in January 2011.

Martin Dietz, manager of the L&G Diversified fund, takes third place having seen inflows of €0.85 billion for the first half of 2017. Through its flexible approach, Dietz aims to have a have exposure to a globally diversified portfolio of equities, equity related securities and bonds.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Mixed Assets - Conservative EUR

Funds active in the Mixed Assets – Conservative EUR sector have more than 70% of the fund invested in fixed income. The most popular strategy over the past six months in terms of net flows is the PrivatFonds: Kontrolliert fund managed by Alexander Wagner.

He has taken in net flows of €1.71 billion over the past six months. The top three positions in the fund are the UniEuroRenta, UniInstitutional Euro Reserve and DWS Covered Bond funds. The fund is currently registered for sale in Austria and Germany.

In second position are Stephanie Butcher, Paul Causer and Paul Read. The trio manage the Invesco Pan European High Income fund, which had net flows of €1.71 billion in the first half of this year. They maintained their equity allocation at 20% and overall positioning remains defensive with high levels of liquidity in the form of cash, government bonds and short dated securities.

Taking third positon are Andrea Hernández and Jorge Hernández, managers of the Caixabank Iter Extra fund. At the end of June, investment levels in equities remained close to 16%. Their debt exposure consisted of 27.5% in public debt and 41.7% in private fixed income. This fund is currently only registered for sale in Spain.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Mixed Assets - Balanced EUR

Funds in the Mixed Assets – Balanced EUR sector offer a diversified portfolio of bonds and equities and the manager attracting the most net flows in this sector over the past six months is Doug Forsyth, manager of the Allianz Income and Growth fund.

He has estimated net flows of €3.39 billion and, as at the end of May, his top sector holdings included technology, consumer cyclical and healthcare. Forsyth has the ability to invest up to 70% in convertible bonds and high yield bonds, which means his portfolio will bear higher risk than traditional mixed asset portfolios.

In second position sit Talib Sheikh, Michael Schoenhaut and Eric Bernbaum, who co-run the JPM Global Income fund. They have taken in a healthy €3.08 billion in net flows over the first half of 2017. At the end of June, the trio had almost 30% invested in the high yield bonds and 4.9% invested in non-agency mortgages. On the equity side they had 17% invested in global equities, with a further 13% in European equities.

In third positon is Adam Gage, manager of the BNP Paribas Portfolio FoF Balanced SRI fund. Gage invests in funds meeting sustainable development criteria covering their environmental and social responsibility and corporate governance, applying an SRI and/or ESG filter.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Corrado Gaudenzi
Corrado Gaudenzi
105/619 in Mixed Assets - Flexible EUR (Performance over 3 years) Average Total Return: 16.40%
Martin Dietz
Martin Dietz
365/834 in Mixed Assets - Flexible EUR (Performance over 1 year) Average Total Return: 5.01%
Stephanie Butcher
Stephanie Butcher
19/367 in Mixed Assets - Conservative EUR (Performance over 3 years) Average Total Return: 13.15%
Paul Causer
Paul Causer
21/367 in Mixed Assets - Conservative EUR (Performance over 3 years) Average Total Return: 13.15%
Jorge Hernández
Jorge Hernández
377/555 in Mixed Assets - Conservative EUR (Performance over 3 months) Average Total Return: -0.80%
Michael Schoenhaut
Michael Schoenhaut
225/388 in Mixed Assets - Balanced EUR (Performance over 3 years) Average Total Return: 8.66%
Alexander Wagner
Alexander Wagner
235/388 in Mixed Assets - Balanced EUR (Performance over 3 years) Average Total Return: 8.31%
Doug Forsyth
Doug Forsyth
157/205 in Bonds - US Dollar High Yield (Performance over 3 years) Average Total Return: 8.08%
Events
  • Citywire Alternative Ucits Retreat 2017

    Citywire Alternative Ucits Retreat 2017

  • Citywire Milan 2017

    Citywire Milan 2017

  • Citywire Paris 2017

    Citywire Paris 2017

  • Citywire Deutschland 2017

    Citywire Deutschland 2017

  • Citywire DACH 2016

    Citywire DACH 2016

  • Citywire Italy 2016

    Citywire Italy 2016

  • Citywire Milan 2016

    Citywire Milan 2016

  • Citywire Alt Ucits 2016

    Citywire Alt Ucits 2016

  • Citywire Berlin 2016

    Citywire Berlin 2016

  • Citywire Switzerland 2016

    Citywire Switzerland 2016

  • Citywire Amsterdam 2016

    Citywire Amsterdam 2016

  • Citywire Montreux 2016

    Citywire Montreux 2016

  • Citywire Deutschland 2016

    Citywire Deutschland 2016

  • Citywire Latin America 2016

    Citywire Latin America 2016

  • Citywire Milan 2016

    Citywire Milan 2016

  • Citywire Munich 2016

    Citywire Munich 2016

  • Citywire Paris Alt Ucits 2016

    Citywire Paris Alt Ucits 2016

  • Citywire Zurich Alt Ucits 2016

    Citywire Zurich Alt Ucits 2016