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Lighthouse ETF Report - 2013 - June

Lighthouse ETF Report - 2013 - June

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Published by Alexander Gloy
We look at the flows at the top 24 ETFs and mutual fund data to gauge investor risk appetite and developing trends. June was characterized by large outflows in both ETF and mutual funds, both equity and bond.
We look at the flows at the top 24 ETFs and mutual fund data to gauge investor risk appetite and developing trends. June was characterized by large outflows in both ETF and mutual funds, both equity and bond.

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Categories:Types, Business/Law
Published by: Alexander Gloy on Jul 02, 2013
Copyright:Attribution Non-commercial

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07/23/2013

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Lighthouse Investment Management
 
ETF Report - US listed - June 2013 Page 1
ETF Report
Exchange Traded Funds - US listed - June 2013
 
 
Lighthouse Investment Management
 
ETF Report - US listed - June 2013 Page 2
Contents
Introduction .................................................................................................................................................. 3Flows by Asset Class: Dollars ......................................................................................................................... 4Flows by Asset Class: % of Assets.................................................................................................................. 5IG Bonds: Flows in % of Assets ...................................................................................................................... 6HY Bonds: Flows in % of Assets ..................................................................................................................... 7US Equities: Flows in % of Assets .................................................................................................................. 8International Equities: Flows in % of Assets ................................................................................................. 9Precious Metals: Flows in % of Assets ........................................................................................................ 10Risk Appetite: High ...................................................................................................................................... 11Mutual Fund Flows: Domestic Equity ......................................................................................................... 12Correlation: Equity MF Flows and S&P 500 ................................................................................................ 13Mutual Funds Flows: International Equity .................................................................................................. 14Mutual Fund Flows: Taxable Bond Funds ................................................................................................... 15Mutual Fund Flows: Equity Versus Bond .................................................................................................... 16Mutual Fund Flows: Municipal Bonds ......................................................................................................... 17Conclusions ................................................................................................................................................. 18
 
 
Lighthouse Investment Management
 
ETF Report - US listed - June 2013 Page 3
Introduction
Since the 'birth' of the first ETF (Exchange-Traded Fund) in 1993 their march towardssuccess has been uninterrupted. As of February 2013, US listed ETF's containedover $1.4 trillion in assets under'management'
1
.With more than $9 trillion in managedassets
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, US mutual funds are stillcommand a much larger pile. However,outflows from mutual funds investing indomestic equities have persisted over thelast 6 years.Investors, discouraged byunderperformance of actively managedfunds, are switching to ETF's withsignificantly lower fees than comparablemutual funds.It is fair to assume ETF's will continue togrow rapidly and will impact marketperformance due to their sheer size.To get insights into investors behavior welook at flows in and out of the 20 largest ETF's, covering over 40%of all ETF assets.Looking simply at assets under management is misleading, sinceperformance can have a significant impact on the value of assets.We therefore look at pure flow data, ignoring the impact of performance. For example: the 57% increase in assets for EEM(Emerging Markets ETF) could be entirely due to performance, orflows or a mix of both. The increase in assets of ETF's tracked from $520bn to $605bn from July 2012 toJanuary 2013 consisted of $40bn of inflows and $45bn in performance.
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Source: IndexUniverse.com
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Source: Morningstar Direct US Open-end asset flows update, January 2013
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Excluding $2.6 trillion in US Money Market Mutual Funds

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