Mutual Funds Scorecard: June 25 Edition

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Mutual Funds Scorecard June 25 2019


Mutual Funds Scorecard: June 25 Edition

Iuri Struta Jun 25, 2019

Every fortnight, provides a snapshot of the performance of some key mutual funds which tries to accurately capture the investor interest in specific areas of the financial markets. The report is aimed at providing a quick overview of the sectors, regions and asset classes that moved in a meaningful manner during the last two weeks.
  • Total long-term flows were negative across the board for the two weeks ended June 12, although equities experienced more severe outflows.
  • Total equity outflows stood at $5.5 billion, with the outflows much larger in the second week. Domestic equities largely bore the brunt of outflows, experiencing negative flows of $4.5 billion.
  • At the same time, bonds saw negative flows in the week ended June 5, but experienced inflows of $3.4 billion in the following week. Taxable and investment grade bonds were among the biggest losers.
  • The U.S. Federal Reserve kept interest rates unchanged this month but signaled plans to make a cut early next year, as it seeks to sustain growth amid a trade war between the U.S. and China. Although expectations for a June cut were low, economists had predicted one in July.
  • As expected, Bank of Japan left interest rates unchanged at minus 0.1% and pledged to guide 10-year government bond yields around zero percent.
  • The U.K. central bank kept its monetary policy steady amid renewed Brexit fears as Boris Johnson, a fierce Brexiteer who promised to take the country out of the union with or without a deal, is the favorite to win the race to become the next Prime Minister. The central bank kept its main interest rate firm at 0.75%, saying a mix of Brexit tensions and global trade jitters was negatively impacting growth.
  • U.S. consumer price index (CPI) rose 0.1% in May, triggering further speculation that the Federal Reserve will raise interest rates to sustain inflation. For the 12 months ended in May, CPI advanced 1.8% compared with 1.9% in April. Core CPI came in at 2% in May versus 2.1% in April.
  • U.S. retail sales advanced 0.5% last month, largely in line with what economists had expected. Meanwhile, April data was revised up to 0.3% from 0.2% previously.
  • U.K. annual inflation declined to 2% in May from 2.1% in the prior month, hitting Bank of England’s target. The decline was driven by a drop in airfare prices and slower housing growth.

Broad Indices

  • All assets were up these past two weeks, with technology shares clearly the best performers.
  • The Nasdaq 100 index (NASDX) surged more than 4% for the two weeks ended June 21, as optimism regarding talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at G20 boosted investor sentiment.
  • Total bond market fund (VBMFX) rose just 0.37% over the past two weeks, representing the worst performance from the pack.
Broad Indices Performance June 25, 2019

Major Sectors

  • Sectors were all up.
  • Unsurprisingly, technology stocks fund (PGTIX) was up more than 5%, becoming the best performer.
  • At the other end of the spectrum is the consumer staples fund (FDFAX), which managed to hold on to some gains, as consumer confidence is in decline.
Major Sectors Performance June 25, 2019

Foreign Funds

  • Foreign equities all posted gains with the exception of Indian equities.
  • T.Rowe’s Latin America fund (RLAIX) gained 4.78%, becoming the top performer from the bunch.
  • India fund (WIINX) experienced a decline of 1.64%, as many investors took money off the table following a bull run stemmed from optimism about Narendra Modi’s landslide victory in national elections.
Foreign Funds June 25 2019

Major Asset Classes

  • Mid-cap equities fund (PMEGX) was decidedly the favorite fund, as it gained 3.25%.
  • Meanwhile, John Hancock’s multicurrency fund (JCUAX) lost nearly 1.5% during the past two weeks.

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Major Asset Classes June 25 2019

The Bottom Line

The flow picture was clearly negative this week, with both bonds and equities experiencing outflows, although the former were less liked. Technology, Latin America and mid-cap equities posted the largest gains, while India, bonds and the multicurrency fund all recorded the biggest losses.

We provide this report on a fortnightly basis. To stay up to date with mutual fund market events, return to our News page here.

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