Periodic Table of Worldwide Fund Flows Q2 2016

Transcription

1 Q2 2016

2 Table of Contents 2 Periodic Table of Worldwide Fund Flows Region Universe Data Type Slide Mutual Funds Total Net Assets 3 Es6mated Net Flows 4 Worldwide Exchange Traded Funds Total Net Assets 5 Es6mated Net Flows 6 Ac6ve Mutual Funds Total Net Assets 7 Es6mated Net Flows 8 Passive Mutual Funds & Total Net Assets 9 Exchange Traded Funds Es6mated Net Flows 10 Mutual Funds Total Net Assets 11 Es6mated Net Flows 12 United States Exchange Traded Funds Total Net Assets 13 Es6mated Net Flows 14 Ac6ve Mutual Funds Total Net Assets 15 Es6mated Net Flows 16 Passive Mutual Funds & Total Net Assets 17 Exchange Traded Funds Es6mated Net Flows 18 Mutual Funds Total Net Assets 19 Es6mated Net Flows 20 Europe Exchange Traded Funds Total Net Assets 21 Es6mated Net Flows 22 Ac6ve Mutual Funds Total Net Assets 23 Es6mated Net Flows 24 Passive Mutual Funds & Total Net Assets 25 Exchange Traded Funds Es6mated Net Flows 26.

3 Periodic Table of Worldwide Mutual Fund Assets (Billions USD) Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $8,377 $4,596 $6,590 $7,765 $6,992 $8,123 $10,578 $11,391 $11,176 $11,127 Fixed Income Money Market Money Market Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $2,950 $3,980 $3,994 $4,418 $4,701 $5,809 $5,883 $6,286 $6,055 $6,525 Money Market Fixed Income Fixed Income Money Market Money Market Money Market Money Market Money Market Money Market Money Market $2,852 $2,711 $3,742 $3,614 $3,605 $3,729 $3,773 $3,794 $3,929 $3,991 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation $1,700 $1,175 $1,555 $1,848 $1,860 $2,181 $2,706 $3,137 $3,105 $3,188 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $221 $164 $242 $328 $369 $439 $577 $647 $705 $743 Property Property Property Property Property Property Property Property Property Property $81 $83 $106 $110 $128 $130 $144 $148 $147 $154 Convertibles Convertibles Convertibles Commodities Commodities Commodities Convertibles Convertibles Convertibles Convertibles $48 $27 $55 $69 $69 $74 $88 $94 $93 $84 Commodities Commodities Commodities Convertibles Convertibles Convertibles Commodities Commodities Commodities Commodities $25 $16 $39 $60 $49 $58 $60 $47 $36 $45 3

4 Periodic Table of Worldwide Mutual Fund Flows (Billions USD) YTD Money Market Money Market Fixed Income Fixed Income Fixed Income Fixed Income Equity Fixed Income Allocation Fixed Income $467 $834 $535 $393 $128 $613 $377 $345 $173 $146 Equity Commodities Equity Equity Alternative Allocation Allocation Allocation Money Market Alternative $269 $1.8 $182 $107 $44 $87 $229 $268 $136 $37 Allocation Property Allocation Allocation Allocation Alternative Alternative Equity Alternative Money Market $109 $1.0 $54 $96 $36 $44 $102 $252 $107 $15 Fixed Income Convertibles Alternative Alternative Commodities Commodities Fixed Income Money Market Equity Commodities $108 -$8.1 $42 $64 $8.7 $3.1 $42 $95 $62 $3.4 Alternative Alternative Convertibles Commodities Property Property Convertibles Alternative Fixed Income Property $8.9 -$32 $17 $18 -$0.6 $1.8 $16 $83 $60 $2.6 Commodities Allocation Commodities Convertibles Money Market Convertibles Property Property Property Convertibles $3.2 -$62 $16 $1.1 -$1.3 $0.8 $4.1 $11 $9.6 -$8.6 Convertibles Fixed Income Property Property Convertibles Money Market Commodities Convertibles Commodities Allocation $3.0 -$66 -$0.9 -$1.3 -$5.9 -$6.1 -$5.2 $8.2 $1.3 -$11 Property Equity Money Market Money Market Equity Equity Money Market Commodities Convertibles Equity $0.5 -$255 -$197 -$403 -$161 -$59 -$10 -$2.8 $1.2 -$106 4

5 Periodic Table of Worldwide ETF Assets (Billions USD) Periodic Table of Worldwide Fund Flows Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $759 $586 $836 $1,044 $1,038 $1,338 $1,844 $2,152 $2,298 $2,340 Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $54 $85 $158 $199 $251 $339 $348 $430 $497 $591 Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities $30 $40 $101 $148 $158 $183 $101 $93 $79 $123 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $15 $30 $49 $52 $51 $47 $57 $58 $67 $74 Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market $3.1 $14 $8.0 $6.6 $7.0 $6.4 $4.6 $4.6 $6.2 $6.5 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Convertibles Allocation $0.3 $0.1 $0.4 $0.6 $0.7 $1.2 $2.3 $3.1 $2.8 $3.2 Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Allocation Convertibles <$0.1 <$0.1 $0.2 $0.5 $0.7 $0.9 $2.0 $3.0 $2.8 $2.7 5

6 Periodic Table of Worldwide ETF Flows (Billions USD) Periodic Table of Worldwide Fund Flows YTD Equity Equity Fixed Income Equity Equity Equity Equity Equity Equity Fixed Income $121 $164 $61 $107 $92 $154 $234 $228 $247 $69 Fixed Income Fixed Income Equity Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Commodities $16 $31 $51 $40 $47 $73 $21 $83 $92 $25 Alternative Alternative Commodities Commodities Alternative Commodities Alternative Alternative Alternative Equity $10 $21 $35 $19 $11 $18 $11 $8.0 $15 $14 Commodities Commodities Alternative Alternative Commodities Alternative Allocation Convertibles Commodities Alternative $8.7 $16 $24 $8.6 $5.8 $1.6 $1.0 $1.0 $3.4 $10.7 Money Market Money Market Convertibles Convertibles Money Market Allocation Convertibles Allocation Money Market Allocation $3.0 $11 $0.2 $0.3 $0.7 $0.4 $0.9 $1.0 $2.0 $0.3 Allocation Convertibles Allocation Allocation Convertibles Convertibles Money Market Money Market Allocation Money Market <$0.1 <$0.1 $0.1 $0.2 $0.3 $0.2 ($1.9) $0.4 $0.2 ($0.1) Convertibles Allocation Money Market Money Market Allocation Money Market Commodities Commodities Convertibles Convertibles <$0.1 <$0.1 ($6.1) ($0.9) $0.1 ($0.8) ($42) ($1.1) <$0.1 ($0.2) 6

7 Periodic Table of Worldwide Active Mutual Fund Assets (Billions USD) Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $7,554 $4,058 $5,814 $6,795 $6,016 $6,895 $8,916 $9,344 $8,982 $8,800 Money Market Money Market Money Market Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $2,851 $3,978 $3,993 $4,148 $4,396 $5,443 $5,487 $5,783 $5,496 $5,896 Fixed Income Fixed Income Fixed Income Money Market Money Market Money Market Money Market Money Market Money Market Money Market $2,793 $2,547 $3,525 $3,611 $3,603 $3,726 $3,771 $3,791 $3,926 $3,989 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation $1,679 $1,158 $1,534 $1,822 $1,834 $2,148 $2,666 $3,089 $3,052 $3,131 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $214 $160 $237 $323 $365 $435 $570 $640 $699 $737 Property Property Property Property Property Property Property Property Property Property $81 $83 $106 $109 $128 $130 $143 $147 $147 $154 Convertibles Convertibles Convertibles Commodities Commodities Commodities Convertibles Convertibles Convertibles Convertibles $48 $27 $55 $68 $68 $72 $88 $94 $93 $84 Commodities Commodities Commodities Convertibles Convertibles Convertibles Commodities Commodities Commodities Commodities $23 $15 $38 $60 $49 $58 $58 $45 $33 $41 7

8 Periodic Table of Worldwide Active Mutual Fund Flows (Billions USD) YTD Money Market Money Market Fixed Income Fixed Income Fixed Income Fixed Income Equity Allocation Allocation Fixed Income $467 $834 $495 $361 $107 $567 $274 $263 $168 $113 Equity Commodities Equity Allocation Alternative Allocation Allocation Fixed Income Money Market Alternative $233 $1.8 $123 $95 $45 $86 $227 $262 $136 $38 Allocation Property Allocation Alternative Allocation Alternative Alternative Money Market Alternative Money Market $106 $1.0 $52 $63 $35 $43 $100 $95 $108 $15 Fixed Income Convertibles Alternative Equity Commodities Commodities Convertibles Alternative Property Commodities $91 ($8.1) $42 $51 $8.4 $2.5 $16 $83 $9.5 $3.2 Alternative Alternative Convertibles Commodities Property Property Fixed Income Equity Convertibles Property $9.0 ($31) $17 $18 ($0.7) $1.8 $5.6 $69 $1.3 $2.6 Commodities Allocation Commodities Convertibles Money Market Convertibles Property Property Fixed Income Convertibles $3.3 ($63) $16 $1.1 ($1.2) $0.8 $3.9 $10 <$0.1 ($8.6) Convertibles Fixed Income Property Property Convertibles Money Market Commodities Convertibles Commodities Allocation $3.0 ($72) ($0.9) ($1.3) ($5.9) ($6.6) ($5.4) $8.1 ($0.3) ($13) Property Equity Money Market Money Market Equity Equity Money Market Commodities Equity Equity $0.5 ($321) ($198) ($404) ($202) ($136) ($9.9) ($3.3) ($94) ($180) 8

9 Periodic Table of Worldwide Passive MF & ETF Assets (Billions USD) Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $1,583 $1,124 $1,612 $2,014 $2,014 $2,565 $3,506 $4,199 $4,491 $4,668 Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $211 $249 $375 $469 $557 $705 $744 $934 $1,057 $1,220 Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities $31 $41 $102 $149 $159 $185 $103 $95 $82 $126 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $22 $34 $54 $57 $56 $52 $64 $66 $74 $80 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation $22 $17 $22 $27 $27 $34 $42 $51 $55 $60 Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market $4.4 $15 $9.9 $8.9 $9.3 $9.4 $7.0 $7.0 $8.5 $8.7 Property Property Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles $0.1 <$0.1 $0.2 $0.5 $0.7 $0.9 $2.0 $3.2 $2.8 $2.7 Convertibles Convertibles Property Property Property Property Property Property Property Property <$0.1 <$0.1 $0.1 $0.1 $0.2 $0.2 $0.3 $0.4 $0.6 $0.5 9

10 Periodic Table of Worldwide Passive MF & ETF Flows (Billions USD) YTD Equity Equity Equity Equity Equity Equity Equity Equity Equity Fixed Income $157 $231 $109 $163 $133 $231 $337 $411 $402 $103 Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Equity $32 $37 $101 $73 $67 $119 $57 $166 $152 $87 Alternative Alternative Commodities Commodities Alternative Commodities Alternative Alternative Alternative Commodities $10 $20 $35 $19 $11 $19 $12 $7.8 $15 $25 Commodities Commodities Alternative Alternative Commodities Alternative Allocation Allocation Allocation Alternative $8.6 $16 $24 $8.7 $6.2 $2.0 $3.5 $6.3 $5.8 $9.9 Money Market Money Market Allocation Allocation Allocation Allocation Convertibles Convertibles Commodities Allocation $3.2 $11 $1.3 $1.4 $1.2 $1.2 $0.9 $1.2 $5.0 $2.3 Allocation Allocation Convertibles Convertibles Money Market Convertibles Property Money Market Money Market Property $3.1 $0.3 $0.2 $0.3 $0.5 $0.2 $0.1 $0.6 $2.0 <$0.1 Property Convertibles Property Property Convertibles Property Money Market Property Property Convertibles <$0.1 <$0.1 <$0.1 <$0.1 $0.3 <$0.1 ($2.2) $0.1 $0.1 ($0.2) Convertibles Property Money Market Money Market Property Money Market Commodities Commodities Convertibles Money Market <$0.1 <$0.1 ($6.0) ($0.8) $0.1 ($0.3) ($42) ($0.5) ($0.1) ($0.2) 10

11 Periodic Table of US Mutual Fund Assets (Billions USD) Periodic Table of Worldwide Fund Flows Q Equity Money Market Equity Equity Equity Equity Equity Equity Equity Equity $5,118 $2,971 $3,957 $4,634 $4,361 $5,011 $6,733 $7,420 $7,319 $7,344 Money Market Equity Money Market Money Market Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $2,002 $2,927 $2,901 $2,540 $2,531 $3,060 $2,975 $3,187 $3,157 $3,374 Fixed Income Fixed Income Fixed Income Fixed Income Money Market Money Market Money Market Money Market Money Market Money Market $1,371 $1,324 $1,915 $2,273 $2,488 $2,519 $2,566 $2,607 $2,688 $2,703 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation $770 $529 $661 $756 $781 $906 $1,114 $1,222 $1,169 $1,195 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $39 $34 $49 $71 $82 $103 $155 $170 $173 $178 Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities $15 $8.2 $23 $44 $45 $47 $39 $30 $20 $25 11

12 Periodic Table of US Mutual Fund Flows (Billions USD) Periodic Table of Worldwide Fund Flows YTD Money Market Money Market Fixed Income Fixed Income Fixed Income Fixed Income Equity Equity Money Market Fixed Income $337 $595 $364 $230 $133 $324 $248 $171 $52 $74 Equity Fixed Income Equity Alternative Allocation Allocation Allocation Fixed Income Equity Alternative $114 $52 $20 $21 $17 $27 $60 $87 $19 $4.3 Fixed Income Alternative Alternative Allocation Alternative Money Market Money Market Allocation Alternative Commodities $114 $2.7 $12 $18 $14 $20 $49 $48 $10 $2.1 Allocation Commodities Commodities Equity Commodities Alternative Alternative Money Market Commodities Allocation $49 ($0.1) $11 $17 $7.8 $18 $47 $31 ($2.1) ($22) Alternative Allocation Allocation Commodities Money Market Commodities Commodities Alternative Fixed Income Money Market $2.3 ($24) $4.9 $14 ($49) $1.5 ($2.7) $16 ($17) ($33) Commodities Equity Money Market Money Market Equity Equity Fixed Income Commodities Allocation Equity ($1.5) ($127) ($212) ($387) ($61) ($68) ($40) ($1.6) ($22) ($53) 12

13 Periodic Table of US ETF Assets (Billions USD) Periodic Table of Worldwide Fund Flows Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $535 $414 $566 $723 $725 $938 $1,338 $1,590 $1,668 $1,703 Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $35 $57 $106 $138 $187 $250 $245 $302 $353 $418 Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities $28 $35 $72 $101 $104 $118 $63 $56 $46 $73 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $13 $26 $39 $39 $40 $35 $43 $42 $42 $44 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation $0.1 <$0.1 $0.4 $0.9 $1.2 $2.0 $4.1 $5.8 $5.1 $5.0 13

14 Periodic Table of US ETF Flows (Billions USD) Periodic Table of Worldwide Fund Flows YTD Equity Equity Fixed Income Equity Equity Equity Equity Equity Equity Fixed Income $114 $110 $44 $73 $60 $123 $197 $181 $160 $48 Fixed Income Fixed Income Equity Fixed Income Fixed Income Fixed Income Alternative Fixed Income Fixed Income Commodities $13 $21 $31 $29 $44 $55 $8.5 $53 $62 $16 Alternative Alternative Commodities Commodities Alternative Commodities Fixed Income Alternative Alternative Alternative $9.5 $18 $26 $11 $10 $10 $6.3 $3.9 $7.5 $4.1 Commodities Commodities Alternative Alternative Allocation Alternative Allocation Allocation Commodities Equity $7.9 $12 $18 $5.7 $0.4 $0.8 $1.9 $1.9 $0.8 $1.3 Allocation Allocation Allocation Allocation Commodities Allocation Commodities Commodities Allocation Allocation <$0.1 <$0.1 $0.3 $0.4 $0.2 $0.7 ($30) ($1.5) ($0.1) ($0.2) 14

15 Periodic Table of US Active Mutual Fund Assets (Billions USD) Q Equity Money Market Equity Equity Equity Equity Equity Equity Equity Equity $4,393 $2,971 $3,309 $3,807 $3,517 $3,974 $5,284 $5,600 $5,378 $5,258 Money Market Equity Money Market Money Market Money Market Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $2,002 $2,462 $2,901 $2,540 $2,488 $2,784 $2,672 $2,791 $2,720 $2,887 Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Money Market Money Market Money Market Money Market Money Market $1,276 $1,218 $1,766 $2,079 $2,300 $2,519 $2,566 $2,607 $2,688 $2,703 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation $758 $519 $646 $737 $759 $875 $1,076 $1,175 $1,118 $1,140 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $33 $31 $45 $67 $79 $100 $150 $164 $168 $173 Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities $15 $7.9 $23 $43 $45 $46 $38 $28 $19 $23 15

16 Periodic Table of US Active Mutual Fund Flows (Billions USD) YTD Money Market Money Market Fixed Income Fixed Income Fixed Income Fixed Income Equity Allocation Money Market Fixed Income $337 $595 $326 $198 $110 $289 $148 $44 $52 $48 Fixed Income Fixed Income Alternative Alternative Allocation Allocation Allocation Money Market Alternative Alternative $104 $47 $12 $21 $15 $24 $57 $31 $10 $4.9 Equity Alternative Commodities Allocation Alternative Money Market Money Market Fixed Income Commodities Commodities $78 $3.3 $11 $16 $14 $20 $49 $22 ($2.4) $1.7 Allocation Commodities Allocation Commodities Commodities Alternative Alternative Alternative Allocation Allocation $49 ($0.3) $2.0 $14 $7.6 $18 $46 $16 ($25) ($24) Alternative Allocation Equity Equity Money Market Commodities Commodities Equity Fixed Income Money Market $2.6 ($24) ($16) ($24) ($49) $1.2 ($3.2) $3.6 ($61) ($33) Commodities Equity Money Market Money Market Equity Equity Fixed Income Commodities Equity Equity ($1.5) ($170) ($212) ($387) ($101) ($115) ($76) ($2.1) ($130) ($127) 16

17 Periodic Table of US Passive MF & ETF Assets (Billions USD) Periodic Table of Worldwide Fund Flows Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $1,261 $878 $1,215 $1,549 $1,568 $1,975 $2,787 $3,409 $3,608 $3,789 Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $130 $163 $255 $332 $418 $525 $549 $698 $791 $905 Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Allocation Commodities $28 $35 $72 $102 $104 $119 $64 $57 $56 $75 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Allocation Commodities Allocation $19 $29 $43 $43 $43 $38 $48 $53 $47 $60 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Alternative Alternative Alternative $13 $10 $16 $20 $23 $33 $43 $47 $47 $48 17

18 Periodic Table of US Passive MF & ETF Flows (Billions USD) Periodic Table of Worldwide Fund Flows YTD Equity Equity Fixed Income Equity Equity Equity Equity Equity Equity Equity $151 $153 $81 $114 $100 $171 $297 $348 $309 $76 Fixed Income Fixed Income Equity Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $22 $27 $67 $61 $67 $89 $42 $118 $107 $74 Alternative Alternative Commodities Commodities Alternative Commodities Alternative Allocation Alternative Commodities $9.2 $18 $26 $11 $10 $10 $9.5 $6.2 $7.2 $17 Commodities Commodities Alternative Alternative Allocation Allocation Allocation Alternative Allocation Alternative $7.9 $13 $18 $5.6 $2.2 $3.7 $4.6 $4.5 $2.2 $3.5 Allocation Allocation Allocation Allocation Commodities Alternative Commodities Commodities Commodities Allocation <$0.1 $0.2 $3.2 $2.3 $0.4 $0.7 ($30) ($1.0) $1.1 $1.7 18

19 Periodic Table of European Mutual Fund Assets (Billions USD) Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $2,317 $1,176 $1,871 $2,240 $1,865 $2,272 $2,916 $2,992 $2,965 $2,803 Fixed Income Money Market Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $1,141 $1,007 $1,267 $1,470 $1,493 $1,988 $2,212 $2,354 $2,221 $2,328 Money Market Fixed Income Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market $750 $997 $1,098 $1,042 $1,071 $1,162 $1,193 $1,176 $1,199 $1,219 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation $481 $362 $486 $579 $572 $697 $942 $1,092 $1,177 $1,179 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $126 $87 $118 $159 $179 $219 $300 $360 $433 $427 Property Property Property Property Property Property Property Property Property Property $82 $81 $103 $105 $123 $126 $139 $138 $137 $140 Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles $39 $21 $44 $47 $37 $48 $73 $77 $79 $70 Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities $10 $8.0 $17 $25 $23 $24 $21 $17 $15 $18 19

20 Periodic Table of European Mutual Fund Flows (Billions USD) YTD Money Market Money Market Equity Fixed Income Money Market Fixed Income Equity Fixed Income Allocation Money Market $150 $220 $154 $148 $32 $261 $138 $178 $152 $35 Equity Commodities Fixed Income Equity Alternative Allocation Allocation Allocation Money Market Alternative $21 $1.3 $103 $126 $18 $46 $137 $167 $95 $31 Allocation Property Allocation Allocation Allocation Equity Fixed Income Equity Alternative Fixed Income $20 $0.2 $33 $63 $18 $41 $107 $66 $90 $24 Commodities Convertibles Money Market Alternative Property Money Market Alternative Alternative Fixed Income Property $4.9 ($7.6) $25 $34 ($0.2) $28 $53 $60 $37 $2.1 Convertibles Allocation Alternative Commodities Commodities Alternative Convertibles Money Market Equity Commodities $3.0 ($24) $16 $4.3 ($0.2) $25 $15 $55 $33 $0.7 Property Alternative Convertibles Convertibles Convertibles Convertibles Property Property Property Allocation $0.4 ($28) $15 $1.7 ($5.2) $3.8 $4.3 $9.6 $9.3 ($0.3) Alternative Equity Commodities Property Fixed Income Property Commodities Convertibles Convertibles Convertibles ($1.2) ($105) $5.8 ($1.4) ($12) $1.8 ($2.4) $5.2 $3.2 ($7.7) Fixed Income Fixed Income Property Money Market Equity Commodities Money Market Commodities Commodities Equity ($21) ($112) ($0.9) ($16) ($73) $0.8 ($69) ($1.0) $3.1 ($63) 20

21 Periodic Table of European ETF Assets (Billions USD) Periodic Table of Worldwide Fund Flows Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $92 $86 $144 $180 $167 $211 $274 $309 $346 $333 Fixed Income Fixed Income Fixed Income Commodities Commodities Commodities Fixed Income Fixed Income Fixed Income Fixed Income $17 $25 $41 $48 $54 $66 $77 $99 $116 $138 Money Market Money Market Commodities Fixed Income Fixed Income Fixed Income Commodities Commodities Commodities Commodities $3.1 $13 $31 $48 $47 $63 $39 $35 $30 $46 Commodities Commodities Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $1.9 $5.5 $8.2 $10 $8.2 $8.1 $8.4 $8.6 $10 $12 Alternative Alternative Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market $1.4 $3.1 $7.9 $6.2 $6.8 $5.8 $3.4 $2.9 $4.0 $4.0 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Convertibles Convertibles Convertibles <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 $0.2 $0.3 $0.5 Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Allocation Allocation Allocation <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 $0.1 $0.1 $0.1 21

22 Periodic Table of European ETF Flows (Billions USD) Periodic Table of Worldwide Fund Flows YTD Equity Equity Equity Equity Equity Fixed Income Equity Equity Equity Fixed Income $9.9 $47 $24 $28 $13 $11 $19 $28 $46 $16 Fixed Income Money Market Fixed Income Commodities Commodities Equity Fixed Income Fixed Income Fixed Income Commodities $3.2 $10 $13 $8.8 $5.6 $11 $13 $23 $26 $8.9 Money Market Fixed Income Commodities Fixed Income Money Market Commodities Alternative Alternative Alternative Alternative $3.0 $8.0 $12 $8.5 $0.7 $8.6 $0.4 $0.8 $2.2 $1.9 Alternative Commodities Alternative Alternative Allocation Alternative Allocation Convertibles Money Market Convertibles $1.0 $3.6 $5.3 $2.2 <$0.1 $0.2 <$0.1 $0.2 $1.3 $0.1 Commodities Alternative Allocation Allocation Convertibles Allocation Convertibles Allocation Commodities Allocation $0.2 $1.5 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 $0.1 $1.2 <$0.1 Allocation Allocation Convertibles Convertibles Alternative Convertibles Money Market Money Market Convertibles Money Market <$0.1 <$0.1 <$0.1 <$0.1 ($0.5) <$0.1 ($2.7) ($0.1) $0.1 ($0.3) Convertibles Convertibles Money Market Money Market Fixed Income Money Market Commodities Commodities Allocation Equity <$0.1 <$0.1 ($6.1) ($1.1) ($1.1) ($1.1) ($14) ($0.6) <$0.1 ($6.8) 22

23 Periodic Table of European Active Mutual Fund Assets (Billions USD) Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $2,164 $1,073 $1,706 $2,047 $1,680 $2,008 $2,582 $2,619 $2,562 $2,396 Fixed Income Money Market Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $1,092 $1,007 $1,209 $1,404 $1,422 $1,899 $2,112 $2,234 $2,092 $2,182 Money Market Fixed Income Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market $750 $950 $1,098 $1,042 $1,071 $1,162 $1,193 $1,176 $1,199 $1,219 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation $480 $362 $485 $579 $571 $696 $940 $1,090 $1,176 $1,177 Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $126 $87 $118 $159 $179 $219 $300 $360 $432 $427 Property Property Property Property Property Property Property Property Property Property $81 $81 $103 $104 $123 $125 $139 $138 $137 $140 Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles $39 $21 $44 $47 $37 $48 $73 $77 $79 $70 Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities $9.1 $7.5 $16 $25 $22 $23 $19 $15 $12 $15 23

24 Periodic Table of European Active Mutual Fund Flows (Billions USD) YTD Money Market Money Market Equity Fixed Income Money Market Fixed Income Allocation Allocation Allocation Money Market $150 $220 $134 $143 $32 $248 $137 $167 $152 $35 Allocation Commodities Fixed Income Equity Alternative Allocation Equity Fixed Income Money Market Alternative $20 $1.6 $96 $109 $18 $46 $115 $159 $95 $31 Equity Property Allocation Allocation Allocation Money Market Fixed Income Alternative Alternative Fixed Income $12 $0.2 $33 $63 $18 $28 $97 $60 $90 $16 Commodities Convertibles Money Market Alternative Property Alternative Alternative Money Market Fixed Income Property $4.9 ($7.6) $25 $34 ($0.2) $25 $53 $55 $26 $2.1 Convertibles Allocation Alternative Commodities Commodities Convertibles Convertibles Equity Equity Commodities $3.0 ($24) $16 $4.3 ($0.4) $3.8 $15 $35 $11 $0.6 Property Alternative Convertibles Convertibles Convertibles Property Property Property Property Allocation $0.4 ($28) $15 $1.7 ($5.2) $1.8 $4.2 $9.5 $9.3 ($0.3) Alternative Fixed Income Commodities Property Fixed Income Equity Commodities Convertibles Convertibles Convertibles ($1.2) ($113) $5.8 ($1.4) ($17) $0.4 ($2.4) $5.2 $3.2 ($7.7) Fixed Income Equity Property Money Market Equity Commodities Money Market Commodities Commodities Equity ($30) ($123) ($0.9) ($16) ($82) $0.3 ($69) ($1.3) $1.7 ($73) 24

25 Periodic Table of European Passive MF & ETF Assets (Billions USD) Q Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity $245 $188 $309 $373 $351 $475 $608 $682 $749 $740 Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income Fixed Income $66 $73 $99 $114 $118 $152 $177 $220 $246 $284 Money Market Money Market Commodities Commodities Commodities Commodities Commodities Commodities Commodities Commodities $3.1 $13 $31 $49 $55 $67 $40 $37 $32 $49 Commodities Commodities Alternative Alternative Alternative Alternative Alternative Alternative Alternative Alternative $3.0 $5.9 $8.4 $10 $8.3 $8.2 $8.4 $8.9 $11 $12 Alternative Alternative Money Market Money Market Money Market Money Market Money Market Money Market Money Market Money Market $1.4 $3.1 $7.9 $6.2 $6.8 $5.8 $3.4 $2.9 $4.0 $4.0 Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation Allocation $0.6 $0.4 $0.5 $0.8 $0.8 $0.9 $1.2 $1.5 $1.4 $1.4 Property Property Property Property Property Property Property Property Property Convertibles $0.1 <$0.1 $0.1 $0.1 $0.2 $0.2 $0.3 $0.4 $0.6 $0.5 Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Convertibles Property <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 $0.2 $0.3 <$0.1 25

26 Periodic Table of European Passive MF & ETF Flows (Billions USD) YTD Equity Equity Equity Equity Equity Equity Equity Equity Equity Fixed Income $19 $65 $44 $45 $22 $52 $41 $60 $68 $24 Fixed Income Money Market Fixed Income Fixed Income Commodities Fixed Income Fixed Income Fixed Income Fixed Income Commodities $12 $10 $20 $14 $5.8 $24 $22 $43 $37 $9.0 Money Market Fixed Income Commodities Commodities Fixed Income Commodities Alternative Alternative Commodities Equity $3.0 $8.6 $12 $8.8 $3.6 $9.0 $0.4 $0.8 $2.6 $2.8 Alternative Commodities Alternative Alternative Money Market Alternative Allocation Allocation Alternative Alternative $1.0 $3.4 $5.4 $2.2 $0.7 $0.2 $0.2 $0.3 $2.3 $1.9 Commodities Alternative Allocation Allocation Property Property Property Convertibles Money Market Convertibles $0.2 $1.5 <$0.1 $0.1 <$0.1 <$0.1 $0.1 $0.2 $1.3 $0.1 Allocation Allocation Property Property Allocation Allocation Convertibles Property Convertibles Allocation <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 $0.1 $0.1 <$0.1 Property Convertibles Convertibles Convertibles Convertibles Convertibles Money Market Money Market Allocation Property <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 <$0.1 ($2.7) ($0.1) $0.1 <$0.1 Convertibles Property Money Market Money Market Alternative Money Market Commodities Commodities Property Money Market <$0.1 <$0.1 ($6.1) ($1.1) ($0.5) ($1.1) ($14) ($0.2) $0.1 ($0.3) 26

27 About Periodic Table of Worldwide Fund Flows Propinquity provides strategic research and advice to investment management companies seeking to measure, optimize and thoughtfully grow their businesses. In support of our clients objectives, Propinquity conducts original research into the evolving themes driving the direction of the investment management industry. Propinquity assists its clients in understanding the drivers of these themes and positioning their capabilities and products in the global distribution markets. We work with investment management companies: o Assessing their investment capabilities and distilling what they do exceptionally well. o Articulating their offering to meet the demands of sophisticated investors. o Differentiating from competition. o Positioning to take advantage of evolving industry trends. Contact Roland Meerdter Managing Partner rmeerdter@propinquityadvisors.com ph: For data inquiries or to receive the charts: Will Welde Analyst wwelde@propinquityadvisors.com 27

28 Notes on Data Periodic Table of Worldwide Fund Flows o All data was exported from Morningstar Direct on July 2016, with an effective end date of 30 June o All Morningstar global broad category group designations are pictured except miscellaneous, unclassified and tax preferred. Tax preferred data has been added to fixed income while miscellaneous and unclassified have been excluded entirely. o Worldwide data is exported from the Worldwide OE & MM ex FoF ex Feeder and Worldwide OE, MM & ETF ex FoF ex Feeder Morningstar markets. o U.S. data is exported from the US Open-end, ETF, and MM ex FoF, Exclude Obsolete Funds and US Open-end & MM ex FoF, Exclude Obsolete Funds Morningstar markets. o European data is exported from the Europe OE & MM ex FoF ex Feeder (domiciled, most compr.) and Europe OE & ETF & MM ex FOF ex Feeder (domiciled, most compr.) Morningstar markets. The raw data is in Euros and converted to USD using the exchange rate for each period s end date. o Data for the same category and year can change depending on the date of the data export due to Morningstar editing existing data, adding additional past data, editing category classifications, etc. For example, two Propinquity Periodic Tables could list two different values for 2013 year-end mutual fund equity assets due to different export dates. o Values in the periodic tables are rounded to the nearest billion, but are rounded to the nearest hundred million if that value is less than $9.95 billion and greater than -$9.95 billion. 28