Data Digest

European Fund Market

_______________________________________________________________________________

2017 Mid-Year Review

copy Copyright 2017 Broadridge Financial Solutions Inc 08112017

Page 124

Broadridge a global fintech leader with over $8billion in market capitalization providescommunications technology data and analyticsWe help drive business transformation for ourclients with solutions for enriching clientengagement navigating risk optimizingefficiency and generating revenue growth

For more information about Broadridge pleasevisit broadridgecom

Jeacuterocircme Couteur - Product Manager jeromecouteurbroadridgecom

Barbara Ferraresi - Product Manager barbaraferraresibroadridgecom

Diana Mackay - Editorial dmmackaywilliamscom

2017 EDITION

broadridgecom

EUROPEAN FUND MARKET REVIEW

About BroadridgeAuthor Information

Global Market Intelligence reflects ourexpertise and understanding of marketsworldwide and of the evolving needs of assetmanagers

To learn more and to schedule a free demo ofGlobal Marketing Intelligence visitwwwbroadridgecomGMI

For more information please contactlauracohenbroadridgecom

Database Featured

Page 224

Broadridge a global fintech leader with over $8billion in market capitalization providescommunications technology data and analyticsWe help drive business transformation for ourclients with solutions for enriching clientengagement navigating risk optimizingefficiency and generating revenue growth

For more information about Broadridge pleasevisit broadridgecom

Jeacuterocircme Couteur - Product Manager jeromecouteurbroadridgecom

Barbara Ferraresi - Product Manager barbaraferraresibroadridgecom

Diana Mackay - Editorial dmmackaywilliamscom

2017 EDITION

broadridgecom

EUROPEAN FUND MARKET REVIEW

About BroadridgeAuthor Information

Global Market Intelligence reflects ourexpertise and understanding of marketsworldwide and of the evolving needs of assetmanagers

To learn more and to schedule a free demo ofGlobal Marketing Intelligence visitwwwbroadridgecomGMI

For more information please contactlauracohenbroadridgecom

Database Featured

Page 224

EUROPEAN FUND MARKET REVIEW 2017 EDITION

2017 will certainly become a marker in the annals of global asset-management history Net sales of nearly euro1T (euro933B) flowed into the globalcommunityrsquos mutual funds during the first half The scale of this achievementis best seen by comparing this total with the miserly euro81B received duringthe same period last year Unsurprisingly the giant US market captured thebulk of new money (29) but its lead over the International community wasnegligible This collection of cross-border managers uses the EuropeanUCITs passport to gather assets from multiple global markets although thebulk of these assets are sourced from European investors Their net-salesstake in the first half was a record euro263B or 27 of the global sales total

The European region has been particularly buoyant with European domesticand cross-border businesses combined the region posted a net-sales influxof euro390B which is close to beating all historic annual totals The year beganwell with the lsquoTrump bumprsquo powering expectations of corporate growth andimproving equity markets whilst the US Fedrsquos tentative steps towards raisinginterest rates encouraged the view that the latest bond bubble would giveway to a revival of stock funds In fact the ECBrsquos ongoing commitment to itsmassive bond-buying programme alongside a consensus view that interestrates and inflation would rise at a slow pace has fuelled a bulging appetitefor higher yielding bond funds that shows no sign of being sated Each monthof the last six delivered a more bloated long-term sales total with the latestthree progressively beating all previous monthly records

broadridgecom

TOTAL OF FUND CLOSURES

NET SALES (H1 2017)

1842TOTAL OF MASTER GROUPS

2690TOTAL OF COMPANIES

34252TOTAL OF FUNDS

TOTAL OF FUND LAUNCHES 1198

1218

TOTAL NET ASSETS (JUN 2017)

ASSET GROWTH (2016-2017)

euro9268bn

euro4922bn

euro390bn

KEY DATA

FIGURE 1 - CUMULATIVE NET SALES BY YEAR (eurobn)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014 2015 2016 2017

0

155

310

465

Rising interest rates would ordinarily spell a rotation into equities but 10years after the financial crisis was spawned market cycles are still far fromnormalised and central-bank intervention continues to drive bond allocationsunderpinned by retail investors who remain nervous of equity risk Net salesof fixed income funds in Europe bounded forward during the first half endingthe period with cumulative receipts of euro184B Whilst all other fund categoriesposted positive results for the period they followed some way behind Mixedasset funds have been the popular choice for investors looking for dilutedaccess to equities and their appeal continued albeit at a slower pace than in2015 when Italian target maturity products made their mark Net inflows inthe latest six-month period came to euro83B compared with euro77B achieved bythe pure equity category Despite many global bourses hitting consecutivehigh points investors remained wary of equity investment Nonethelessthese volumes still represent a better result than any like-for-like period sincethe pre-financial-crisis year of 2006 The big difference between then andnow though has been the impact of passives

Contrary to the belief that active management is dying so far this year activefunds have comprehensively outpaced passives Across all long-term assetclasses active funds have taken 71 of all net inflows reversing the ratiosseen last year As always though the devil is in the detail with the bulk ofbond purchasers investing in active funds (81) The experience of equityfunds though was the exact opposite with passive funds taking 82 ofinflows helped along by some recent institutional tracker launches fromBlackRock

Overview

_____________________

Expanding bond demand

Passive promise

Page 324

2017 EDITION

International groups are currently having their best year on record Fig 36reveals the most important markets for these groups this year and highlightsItaly as the primary driver with inflows of nearly euro40B going into foreignfunds This figure overwhelms the euro16B of new money taken by localindustry giants Spain follows with ~euro14B of inflows to cross-border groupsagain dominating domestic industry receipts of just euro5B Here funds of fundshave been a crucial distribution conduit and whilst flows look unlikely tomatch the record volumes seen in 2015 the Spanish market remains abuoyant target market

broadridgecom

euro390bnNet Sales H1 17

FIGURE 2 - PASSIVE VS ACTIVE NET SALES IN H1 2017 (eurobn)

Active ETF Index Tracking

28702870

505505

526526

FIGURE 3 - MARKET SENTIMENT

of funds with negative flows of funds with positive flows

5252

4848

Overview

EUROPEAN FUND MARKET REVIEW

+561Asset Growth

euro224MAverage fund size

The mantra of lsquowinner takes allrsquo has dominated industry debate for the lastfive years or more and with BlackRock and PIMCO headlining the net-salesrankings this year the contention seems to be proved at first glance Thesegroups are the undisputed rock stars of the European industry holding on totheir sales crowns in every month of the year so far By the end of the firsthalf BlackRock stood head and shoulders above all other contenders witheuro56B of net inflows and PIMCO followed with just under euro30B Together theyaccounted for nearly a quarter (24) of all long-term inflows Undeniably thisyearrsquos winners are taking a big bite out of the sales pie but there is still a lotleft for other contenders Over 1000 groups registered positive sales flowsduring the period and aside from the leading duo 78 players attracted overeuro1B of new money The winners donrsquot take everything

Market success

Group progress ndash winner takes all

78 players attracted over euro1bn of new money

Behind the headlines more nuanced stories emerged BlackRockrsquos hugesales success was largely in passives boosted by the launch of a clutch ofinstitutional trackers that added euro18B to the grouprsquos total in June Strip outthe passives and the rankings looked quite different PIMCO remained theundisputed leader thanks largely to the extraordinary success of its GISIncome fund but its net-sales tally amounted to less than 12 of theindustryrsquos net-sales total BlackRock meanwhile fell back to 12th positiongiving way to Intesa Sanpaolo Amundi PrudentialMampG and Invesco Thetop-five active managers were responsible for euro67B of inflows or 26 of thesales pot

Page 424

2017 EDITION

broadridgecom

FIGURE 4 - EUROPEAN NET SALES IN H1 2017 (eurobn)

Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017

Bond Equity Mixed Assets Money Market

-29

0

29

58

87

FIGURE 5 - GLOBAL NET SALES IN H1 2017 (eurobn)

Asia-Pacific Europe International Latin America MEA North America

Bond Equity Mixed Assets Money Market

-109

0

109

218

327

Overview

EUROPEAN FUND MARKET REVIEW

Page 524

2017 EDITION

broadridgecom

Asia-Pacific Europe International Latin America MEA North Amercia

Overview

FIGURE 6 - HISTORICAL GLOBAL ASSETS (euroT)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Asia-Pacific Europe International Latin America MEA North America

168168

132132159159

186186 185185207207

226226

270270

302302329329 336336

FIGURE 7 - GLOBAL ASSETS BY INVESTMENT TYPE

Bond Equity Mixed Assets Money Market

EUROPEAN FUND MARKET REVIEW

Page 624

2017 EDITION

2017 EDITION

broadridgecom

Best Sellers

FIGURE 8 - BEST-SELLING BONDS FUNDS IN H1 2017 (eurom)

Fund Name Fund Strategy Fund Sector Net Sales

PIMCO GIS Income Fund Active Bonds Global Currencies

AB FCP I Global High Yield Portfolio Active Bonds Global High Yield

Carmignac Seacutecuriteacute Active Bonds EUR Short-Term

Invesco US Senior Loan Fund Active Bank loanFloating rate

The Jupiter Global Fund - Jupiter Dynamic Bond Active Bonds Global Currencies

DWS Floating Rate Notes Active Bank loanFloating rate

19693

3444

3373

3258

2983

2871

FIGURE 9 - BEST-SELLING MIXED FUNDS IN H1 2017 (eurom)

Fund Name Fund Strategy Fund Sector Net Sales

JPMorgan Investment Funds - Global Income Fund Active Mixed Assets Income

Allianz Global Investors Fund - Allianz Income and Growth Active Mixed Assets Income

PrivatFonds Kontrolliert Active Mixed Assets Conservative

First Eagle Amundi Income Builder Fund Active Mixed Assets Income

Fidelity Funds - Global Multi Asset Income Fund Active Mixed Assets Income

Aviva Investors Multi-Strategy Target Return Active Asset Allocation Alternative

2775

2566

2388

2104

2050

2032

FIGURE 10 - BEST-SELLING EQUITY FUNDS IN H1 2017 (eurom)

Fund Name Fund Strategy Fund Sector Net Sales

BlackRock ACS 5050 Global Equity Tracker Passive Equities Global

BlackRock ACS UK Equity Tracker Passive Equities United Kingdom

BlackRock ACS World ex UK Equity Tracker Passive Equities Global

BlackRock ACS 6040 Global Equity Tracker Passive Equities Global

UBS ETFs plc - MSCI ACWI SF UCITS ETF Passive Equities Global

Pictet - Robotics Active Equities Technology

9735

5373

4907

3166

2842

2041

EUROPEAN FUND MARKET REVIEW

EUROPEAN FUND MARKET REVIEW

Page 724

2017 EDITION

2017 EDITION

broadridgecom

European Sales

FIGURE 11 - EUROPEAN MARKET RANKING BY NET SALES IN H1 2017 (eurom)

Fund Investment Type Group

Fund Market

Bnd Eq MM MM-Enh Mix Oth

Net Sales Net Sales Net Sales Net Sales Net Sales Net Sales

Sum

Net Sales

International

United Kingdom

France

Germany

Italy

Switzerland

Sweden

Spain

Belgium

Norway

Netherlands

Finland

Poland

Portugal

Russia

Czech Republic

Malta

Romania

Bulgaria

Slovakia

Estonia

Slovenia

Ukraine

Latvia

Luxembourg

Lithuania

Liechtenstein

Turkey

Greece

Croatia

Iceland

Hungary

Austria

Denmark

1523489

124058

54225

48330

60449

47761

26751

-33460

5204

9343

-4937

1816

1146

1975

4678

-51

618

-302

96

-30

471209

208545

27879

3869

-1190

-9530

30021

33205

16490

5970

27600

-8318

1172

-717

-78

1294

-8

146

84

-459

173391

66275

87140

-6681

-1860

11652

1479

-12899

-13910

8379

1152

10632

2519

1534

-51

784

-95

49

-0

-785

12830

6478

53353

9379

-2660

6329

-652

470

1890

3002

7

-2

2

-4

8

437083

59174

12840

74476

93636

9216

-435

68669

38701

228

-6319

550

526

2231

-135

2710

101

299

30

1011

16057

-11801

-2737

37739

8337

15000

-585

-690

-10575

70

267

1966

497

53

-32

-598

-94

34

1

431

1

82

-18

-13

26

17

-1108

422

664

-929

-4495

-4649

-21312

147

-64

0

-4

-133

-329

701

-407

144

-526

407

-2627

-35695

-254

-0

-2946

-1109

-2192

-2238

-5125

-1720

-2047

0

117

16

85

892

295

-0

-22

1

-34

1892

7

304

143

1109

1396

29139

7

-6

-0

525

-86

-48

3386

1931

2415

2634060

452728

232700

167111

156712

80428

57231

54174

36380

23991

19653

9649

5866

5076

4381

4137

521

228

207

176

148

65

0

-21

-36

-111

-346

-937

-1057

-1128

-3549

-4701

-5584

-26608

Sum 1839846 768799 311071 91541 828824 61464 3901544

EUROPEAN FUND MARKET REVIEW

EUROPEAN FUND MARKET REVIEW

Page 824

2017 EDITION

broadridgecom

All Sector Ranking

FIGURE 12 - TOP SECTORS BY SALES IN H1 2017 (eurom)

Year

Fund Sector

2016 2017

Net Sales Net Sales Rank Net Sales Net Sales Rank

Bonds Global Currencies

Equities Global

Money Market GBP

Bonds Emerging Markets

Bank loanFloating rate

Mixed Assets Conservative

Mixed Assets Income

Asset Allocation

Asset Allocation Alternative

Fund of Funds Balanced

Bonds Flexible

Bonds Global Corporates

Equities Emerging Markets

Bonds USD Corp Inv Grade

Bonds Emerging Markets - Local Currency

Mixed Assets Balanced

Bonds Alternative

Fund of Funds Asset Allocation

Short Term Dynamic

Bonds EUR Short-Term

Bonds Global High Yield

Equities Euroland

16417

10103

43477

12434

5061

10986

3004

14282

39171

7758

-9647

14143

15366

3893

6817

-273

2461

6514

6394

10203

5

14

1

9

28

11

31

7

2

17

223

8

6

29

21

173

33

22

23

13

39275

35921

24613

21553

18429

17308

16908

16139

14625

13665

13405

12746

12512

12165

12093

11140

10250

8926

8425

8258

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

6213

-7805

24

220

6763

6695

21

22

FIGURE 13 - TOP AND BOTTOM FIVE SECTORS BY SALES IN H1 2017 (eurom)

Bnd

Gl C

urr

Eq G

lobal

MM

GBP

Bnd

Em M

kt

Loan

s

Eq D

E

FF H

dge

Eq U

K In

c

Eq N

th A

m

Bnd

Eur

0

16

31

47

EUROPEAN FUND MARKET REVIEW

Page 924

Copy of FIG 15 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - INC ETFs

Values

TOP 25

REST

TOTAL

239031

110862

349893

FIG 14 (REST) TOP MASTER GROUPS BY SALES IN 2016 (eurom) - EX ETFs

Values

TOP 25

REST

TOTAL

200933

98490

299423

2017 EDITION

broadridgecom

Note Excludes money market funds and ETFs Note Excludes money market funds

Pan-European Master Groups Sales

FIG 14 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - EX ETFs

Master Groups NAT Funds Net Sales

BlackRock US

PIMCO US

Intesa SP IT

PrudentialMampG GB

GAM CH

Goldman Sachs US

Amundi FR

Invesco US

Vanguard US

AXA FR

BNY Mellon US

Allianz GI DE

Cr Suisse CH

Pictet CH

VRUnion DE

UBS CH

Jupiter GB

Aviva GB

Carmignac FR

Schroders GB

KBC BE

JPMorgan AM US

MMCMercer US

Flossbach von Storch DE

Natixis FR

245

64

645

125

258

100

526

149

46

340

204

362

325

137

409

448

52

158

20

214

40430

29885

11250

8840

8198

7097

6824

6690

6605

6575

6421

6414

6322

5985

5873

4499

4317

4173

4138

4011

893

195

48

14

264

3593

3458

3157

3134

3043

FIG 15 - TOP MASTER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs

Master Groups NAT Funds Net Sales

BlackRock US

PIMCO US

Amundi FR

Intesa SP IT

UBS CH

PrudentialMampG GB

Vanguard US

GAM CH

Goldman Sachs US

Invesco US

Deutsche AM DE

AXA FR

BNY Mellon US

Allianz GI DE

Cr Suisse CH

Soc GenLyxor FR

Pictet CH

VRUnion DE

Jupiter GB

Aviva GB

Carmignac FR

Schroders GB

State Street US

KBC BE

JPMorgan AM US

545

64

628

645

557

125

64

262

100

169

617

340

204

362

326

332

137

410

52

158

56299

29885

13063

11250

11150

8840

8508

8268

7097

6749

6665

6575

6421

6414

6349

6120

5985

5876

4317

4173

20

214

172

893

195

4138

4011

3826

3593

3458

EUROPEAN FUND MARKET REVIEW

Page 1024

Values

TOTAL

Top 25

REST

349893

95585

254308

2017 EDITION

2017 EDITION

broadridgecom

Note Excludes money markets funds

Pan-European Fund Leaders Sales

FIGURE 16 - TOP 25 FUNDS BY NET SALES IN H1 2017 (eurom)

Master Groups Fund Name Domicile Strategy Type Launch Date Net Sales

PIMCO PIMCO GIS Income Fund IE Active Bnd 2012-11

BlackRock BlackRock ACS 5050 Global Equity Tracker GB Passive Eq 2017-06

BlackRock ACS UK Equity Tracker GB Passive Eq 2017-06

BlackRock ACS World ex UK Equity Tracker GB Passive Eq 2017-04

AXA AB FCP I Global High Yield Portfolio LU Active Bnd 1997-09

Carmignac Carmignac Seacutecuriteacute FR Active Bnd 1995-04

Invesco Invesco US Senior Loan Fund LU Active Bnd 2006-07

BlackRock BlackRock ACS 6040 Global Equity Tracker GB Passive Eq 2017-06

Jupiter The Jupiter Global Fund - Jupiter Dynamic Bond LU Active Bnd 2012-05

Deutsche AM DWS Floating Rate Notes LU Active Bnd 1991-07

UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF IE Passive Eq 2015-08

PrudentialMampG MampG Optimal Income Fund GB Active Bnd 2006-11

JPMorgan AM JPMorgan Investment Funds - Global Income Fund LU Active Mix 2008-12

PrudentialMampG MampG Global Floating Rate High Yield GB Active Bnd 2014-09

Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF FR Passive Bnd 2015-04

Allianz GI Allianz Global Investors Fund - Allianz Income and Growth LU Active Mix 2011-06

Muzinich Muzinich Enhanced Yield Short-Term Fund IE Active Bnd 2003-11

VRUnion PrivatFonds Kontrolliert DE Active Mix 2010-07

BP Cooperativa Gestielle Cedola Corporate IT Active Bnd 2017-03

UBS Focused Sicav - High Grade Bond USD LU Active Bnd 2005-08

BlackRock iShares Emerging Markets Local Government Bond UCITS ETF IE Passive Bnd 2011-06

UBS UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) LU Active Bnd 2017-01

PIMCO PIMCO GIS Global Investment Grade Credit IE Active Bnd 2003-07

Amundi First Eagle Amundi Income Builder Fund LU Active Mix 2014-09

UBS Focused Sicav - High Grade Long Term Bond USD LU Active Bnd 2006-10

19693

9735

5373

4907

3444

3373

3258

3166

2983

2871

2842

2807

2775

2606

2589

2566

2455

2388

2373

2346

2335

2277

2227

2104

2092

EUROPEAN FUND MARKET REVIEW

EUROPEAN FUND MARKET REVIEW

Page 1124

2017 EDITION

2017 EDITION

broadridgecom

Product ThemesExchange Traded Funds

FIGURE 17- TOP 10 FUNDS BY SALES IN H1 2017 (eurom)

Master Groups Fund Name Net Sales

UBS UBS ETFs plc - MSCI ACWI SF UCITS ETF

Amundi Amundi ETF Floating Rate USD Corporate UCITS ETF

BlackRock iShares Emerging Markets Local Government Bond UCITS ETF

Deutsche Boumlrse Xetra-Gold

BlackRock iShares JP Morgan $ Emerging Markets Bond UCITS ETF

iShares Core MSCI World UCITS ETF

iShares Core MSCI Emerging Markets IMI UCITS ETF

iShares Core EURO STOXX 50 UCITS ETF

State Street SSgA SPDR Barclays Emerging Markets Local Bond UCITS ETF

Source Source Bloomberg Commodity UCITS ETF

2842

2589

2335

1826

1664

1490

1444

1382

1251

1251

Sum 18073

FIGURE 18 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)

Master Groups NAT Funds Assets Net Sales

BlackRock US

UBS CH

Soc GenLyxor FR

Amundi FR

Deutsche AM DE

State Street US

Vanguard US

Deutsche Boumlrse DE

Source US

Commerzbank DE

302

109

216

103

184

100

18

1

65

114

274559

36698

58288

31783

59063

24324

26098

5869

13462

8002

15812

6651

6321

6201

4471

3180

1904

1826

1414

770

Sum 1212 538145 48550

EUROPEAN FUND MARKET REVIEW

Page 1224

2017 EDITION

2017 EDITION

broadridgecom

Product ThemesIndex Tracking Funds

FIGURE 19 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)

Master Groups Fund Name Net Sales

BlackRock BlackRock ACS 5050 Global Equity Tracker

BlackRock ACS UK Equity Tracker

BlackRock ACS World ex UK Equity Tracker

BlackRock ACS 6040 Global Equity Tracker

iShares Over 15 Years Gilts Index

iShares Corporate Bond Index

Vanguard Vanguard Investment Series Plc - Vanguard Global Bond Index Fund

BlackRock iShares Index Linked Gilt Index

Cr Suisse CS Index Fund (Lux) Equities EMU

BNY Mellon Insight LDI Solutions Plus Partially Funded Index-Linked Gilts Funds 2051-2065

9735

5373

4907

3166

1977

1721

1574

1519

1056

928

Sum 31955

FIGURE 20 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)

Master Groups NAT Funds Assets Net Sales

BlackRock US

Vanguard US

Northern Trust US

BNY Mellon US

Legal amp General GB

Amundi FR

UBS CH

KBC BE

Storebrand NO

Swisscanto CH

69

34

32

11

34

29

65

21

11

69

123882

87652

17958

2978

29332

7029

67819

5943

7063

29129

34912

6837

2730

2674

2386

1470

1392

1304

788

764

Sum 375 378788 55256

EUROPEAN FUND MARKET REVIEW

Page 1324

2017 EDITION

Note Excludes money market funds

broadridgecom

Product ThemesActive vs Passive

FIGURE 22 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2017

2017

Index Tracking ETF Active

88

77

8484

FIGURE 21 - MARKET SHARE OF PASSIVE FUNDS BY ASSETS IN 2003

Index Tracking ETF Active

3311

9696

EUROPEAN FUND MARKET REVIEW

FIGURE 23 - HISTORICAL NET SALES (eurobn)

2014 2015 2016 2017

Active ETF Index Tracking

30733073

396396 443443

20672067

640640

371371 348348 387387 331331

24682468

505505 526526

Page 1424

2017 EDITION

2017 EDITION

broadridgecom

Product ThemesEquities Emerging Markets

FIGURE 24 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)

Master Groups Fund Name Net Sales

PrudentialMampG Eastspring Investments-Global EM Customized Equity

BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF

Amundi Amundi ETF MSCI Emerging Markets UCITS ETF

Comgest Comgest Growth Emerging Markets

Amundi Amundi Index MSCI Emerging Markets

BTPS BT Hermes Global Emerging Markets

JPMorgan AM JPMorgan Funds - Emerging Markets Small Cap Fund

Vanguard Vanguard Investment Series Plc - Vanguard Emerging Markets Stock Index Fund

RobecoORIX Robeco QI Emerging Conservative Equities

Aviva Aviva Investors - Emerging Markets Equity Income Fund

1885

1444

934

751

641

628

623

540

538

519

Sum 8502

FIGURE 25 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)

Master Groups NAT Funds Assets Net Sales

BlackRock US

Amundi FR

JPMorgan AM US

Comgest FR

Vanguard US

RobecoORIX JP

Goldman Sachs US

PrudentialMampG GB

BTPS BT GB

Aviva GB

20

9

10

4

3

11

5

5

1

4

25407

7028

11211

9354

9272

10225

3312

4922

2172

3136

2724

1831

992

823

815

734

655

648

628

550

Sum 72 86039 10398

EUROPEAN FUND MARKET REVIEW

EUROPEAN FUND MARKET REVIEW

Page 1524

2017 EDITION

broadridgecom

Product DevelopmentBank Loan Floating Rate

FIGURE 26 - TOP 10 FUNDS BY SALES IN H1 2017 (eurom)

Master Groups Fund Name Net Sales

Invesco Invesco US Senior Loan Fund

Deutsche AM DWS Floating Rate Notes

PrudentialMampG MampG Global Floating Rate High Yield

Cr Suisse CS Nova (Lux) Global Senior Loan Fund

Allianz GI Allianz Global Investors Fund - Allianz Floating Rate Notes Plus

Baring Barings Global Loan

Barings European Loan

NN Group NN (L) FLEX Senior Loans

Eaton Vance Eaton Vance Medallion Institutional Senior Loan

Invesco Invesco European Senior Loan Fund

3258

2871

2606

1657

1645

996

809

767

436

424

Sum 15470

EUROPEAN FUND MARKET REVIEW

FIGURE 27 - TOP 10 MASTER GROUPS BY SALES IN H1 2017 (eurom)

Master Groups NAT Funds Assets Net Sales

Invesco US

Deutsche AM DE

PrudentialMampG GB

Baring US

Cr Suisse CH

Allianz GI DE

Fr Templeton US

NN Group NL

Eaton Vance US

Goldman Sachs US

4

1

1

3

1

1

6

2

4

1

9881

5800

4008

13280

6214

4121

5787

5641

5641

1215

3705

2871

2606

1789

1657

1645

928

764

476

384

Sum 24 61588 16825

Page 1624

2017 EDITION

broadridgecom

Product Development

EUROPEAN FUND MARKET REVIEW

FIGURE 28 - FUND LAUNCHES amp CLOSURES

Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017

Fund Launches Fund Closures Fund Mergers

4848

123123

142142

9999

160160

200200

9898

122122

219219

7676

194194

234234

8888

235235

293293

4545

148148

194194

8181

142142

210210

8383

133133

227227

6262

129129

150150

6464

131131

186186

5050

150150

231231

FIGURE 29 - TOP SELLING NEW FUND LAUNCHES IN H1 2017 (eurom)

Fund Name Fund Domicile Launch Date Net Sales

BlackRock ACS 5050 Global Equity Tracker United Kingdom 2017-06

BlackRock ACS UK Equity Tracker United Kingdom 2017-06

BlackRock ACS World ex UK Equity Tracker United Kingdom 2017-04

BlackRock ACS 6040 Global Equity Tracker United Kingdom 2017-06

Gestielle Cedola Corporate Italy 2017-03

UBS (Lux) Bond Sicav - USD Investment Grade Corporates (USD) Luxembourg 2017-01

iShares Over 15 Years Gilts Index United Kingdom 2017-03

PUB Equities North America 1 Switzerland 2017-02

CS Nova (Lux) Fixed Maturity US Loan Fund 2021 Luxembourg 2017-01

Source Bloomberg Commodity UCITS ETF Ireland 2017-01

9735

5373

4907

3166

2373

2277

1977

1436

1331

1251

Page 1724

FIGURE 31 - NUMBER OF FUND LAUNCHES BY MAIN ASSET CLASS

2011 2012 2013 2014 2015 2016

Bond Equity Mixed Assets

674674

932932

461461

736736664664

473473

731731733733

552552

672672

861861

598598 594594

946946

677677

541541

727727

588588

2017 EDITION

broadridgecom

Product Development

EUROPEAN FUND MARKET REVIEW

FIGURE 30 - FUND LAUNCHES BY GROUP IN H1 2017 (eurom)

Master Group Funds Net Sales

BlackRock

Intesa SP

BNY Mellon

Cr Suisse

UBS

BP Cooperativa

KBC

Pioneer

Jyske Bank

ANIMA

24

59

40

10

14

7

38

18

17

18

27121

10994

5327

5250

4236

3794

3410

2691

2548

2114

Sum 245 67484

FIGURE 33 - NUMBER OF FUND LAUNCHES BY STRATEGY

Active ETF Index Tracking

11021102

5050

4646

FIGURE 32 - FUND LAUNCHES BY REGION IN H1 2017 (eurom)

Fund Region Funds Net Sales

Europe

International

762

436

83295

29066

Sum 1198 112361

Page 1824

FIG 33 (REST) TOP INT MAST GR BY ENS H117(eurom) - INCETF

Values

TOP 25

REST

TOTAL

185997

58787

244784

FIG 32 (REST) TOP MASTER GROUPS BY SALES IN H1 2017 (eurom) - EX ETFs

Values

TOP 25

REST

TOTAL

146452

50660

197112

broadridgecom

Note exclude money markets funds and ETF Note exclude money market funds

2017 EDITION

Cross-Border ProgressGroup Winners

EUROPEAN FUND MARKET REVIEW

FIG 34 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - Ex ETFs

Master Groups NAT Funds Net Sales

PIMCO US

PrudentialMampG GB

GAM CH

AXA FR

Invesco US

BlackRock US

Goldman Sachs US

Cr Suisse CH

Pictet CH

Deutsche AM DE

Amundi FR

Vanguard US

Carmignac FR

JPMorgan AM US

Schroders GB

Allianz GI DE

Jupiter GB

MMCMercer US

Natixis FR

AQR Capital US

Neuberger Berman US

Aviva GB

Muzinich US

Morgan Stanley US

UBS CH

64

85

131

197

96

166

100

111

103

162

128

33

20

152

138

83

20

48

103

16

29885

10048

8219

7406

7373

7241

7097

6054

5976

5141

5031

4679

4138

4023

3889

3643

3301

3157

3093

3014

40

31

16

96

238

2999

2888

2771

2733

2650

FIG 35 - TOP CROSS-BORDER GROUPS BY SALES IN H1 17 (eurom) - INC ETFs

Master Groups NAT Funds Net Sales

PIMCO US

BlackRock US

Amundi FR

PrudentialMampG GB

Deutsche AM DE

UBS CH

GAM CH

Invesco US

AXA FR

Goldman Sachs US

Soc GenLyxor FR

Vanguard US

Cr Suisse CH

Pictet CH

Carmignac FR

JPMorgan AM US

Schroders GB

Allianz GI DE

Jupiter GB

Natixis FR

MMCMercer US

State Street US

AQR Capital US

Neuberger Berman US

Aviva GB

64

453

230

85

341

325

131

116

197

100

264

51

111

103

20

152

138

83

20

114

29885

23305

11270

10048

9417

8902

8219

7432

7406

7097

6938

6583

6054

5976

4138

4023

3889

3643

3301

3264

48

158

16

40

31

3157

3148

3014

2999

2888

Page 1924

broadridgecom

- Excludes money market funds amp ETFs

- Cross-border activity is actual sales asmeasured by the Broadridge SalesWatchConfidential Service

- The 64 members are estimated toaccount for 75-80 of the total cross-border sales activity

Cross-Border ProgressCross-Border Share of Sales in Europe

FIGURE 36 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - ALL FUNDS (eurobn)

0 10 20 30 40

ItalySpain

United KingdomGermany

SwitzerlandBelgiumFranceAustria

SwedenNetherlands

FIGURE 37 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - EQUITY ONLY (eurobn)

-28 -14 0 14 28

ItalyUnited Kingdom

SpainAustria

SwedenBelgiumFrance

GermanyNetherlandsSwitzerland

FIGURE 38 - NET SALES OF CROSS-BORDER GROUPS BY MARKET IN H1 17 - BOND ONLY (eurobn)

0 6 12 18 24

ItalySpain

United KingdomSwitzerland

GermanyNetherlands

FranceAustria

BelgiumSweden

Note to data

Cross-Border Progress Page 2024

FIGURE 36 - DOM GERMANY h117

Domestic Net Sales

Mixed Assets Conservative

Asset Allocation Alternative

Bank loanFloating rate

Mixed Assets Balanced

Real Estate

2889

2239

1649

1588

1378

FIGURE 36 - SW SECTOR GERMANY H12017

Cross-Border Real Sales

Bank loanFloating rate

Asset Allocation Alternative

Mixed Assets Income

Bonds Global Currencies

Bonds Flexible

Confidential

Confidential

Confidential

Confidential

Confidential

FIGURE 36 - SW SECTOR ITALY H117

Cross-Border Real Sales

Mixed Assets Income

Bonds Global Currencies

Asset Allocation

Bonds Emerging Markets

Bonds Flexible

Confidential

Confidential

Confidential

Confidential

Confidential

FIGURE 36 - DOM SWITZERLAND h117

Domestic Net Sales

Bonds Global Currencies

Bonds Global Corporates

Equities North America

Equities Europe

Equities Real Estate

150675

147183

109187

98850

68042

FIGURE 36 - SW SECTOR UK h117

Cross-Border Real Sales

Bonds Global Currencies

Bonds Flexible

Bonds Global Corporates

Bonds Emerging Markets - Local Currency

Equities Alternative

Confidential

Confidential

Confidential

Confidential

Confidential

Cross-Border Real Sales

Bonds Global Currencies

Asset Allocation

Bonds Emerging Markets

Bonds Flexible

Asset Allocation Alternative

Confidential

Confidential

Confidential

Confidential

Confidential

Domestic Net Sales

Bonds EUR Short-Term

Equities Euroland

Asset Allocation

Equities France MidSmall Caps

Bonds Alternative

2753

1263

1045

1008

968

FIGURE 36 - SW SECTOR SWITZWELAND h117

Cross-Border Real Sales

Bonds Global Currencies

Bank loanFloating rate

Asset Allocation

Bonds Flexible

Bonds Emerging Markets - Local Currency

Confidential

Confidential

Confidential

Confidential

Confidential

FIGURE 36 - DOM UNITED KINGDOM h117

Domestic Net Sales

Equities Global

Bonds Target Maturity

Bonds UK Gilt

Asset Allocation Alternative

Bonds Inflation Linked

1766213

405309

259590

193244

191177

broadridgecom

FIGURE 36 - DOM ITALY

Domestic Net Sales

Bonds Global Currencies

Mixed Assets Target Maturity

Mixed Assets Conservative

Bonds Emerging Markets

Mixed Assets Balanced

8266

6004

3639

2541

2068

FRANCE

FIGURE 39 - TOP 5 DOMESTIC AND CROSS-BORDERS SECTORS IN THE MAJOR MARKETS IN H1 17 (eurom)

GERMANY

ITALY

SWITZERLAND

UNITED KINGDOM

Real Sales dataavailable to SalesWatchmembers only

Domestic vs Cross-Border Sectors

Note to data

Cross-Border Progress

Page 2124

2017 EDITION

broadridgecom

The following report is based on the unique fund analytics delivered throughBroadridge Global Market Intelligence (GMI) our leading global fundanalytics database The charts and tables in this report reflect only the tip ofthe iceberg in terms of the depth and breadth available from Broadridge GMIThe report offers a high-level overview of European fund flow activity in H12017

Global Market Intelligence (GMI) helps you make more strategic decisionsmore effectively allocate your companyrsquos resources and most importantly bemore responsive to your customersrsquo needs all through the combining thepower of the FundFile and SalesWatch datasets

Broadridge FundFile enables deep fund flows analysis of all keygeographical markets covering Asia Pacific Latin America the Middle Eastand Africa and North America and delivers a truly global fund flows solutionBy gradually building the international reach of its global sales data andmaintaining its high quality and ease of use over the past ten years FundFilehas become the unparalleled source of data and analysis with informationon more than 100000 funds

The cross-border dimension of the European funds industryndashtheldquointernationalrdquo fund marketndashcan truly be assessed only with BroadridgeSalesWatch a unique cooperative and confidential benchmarking servicethat allows leading fund groups to track their cross-border sales and assetsagainst their competitorsrsquo by country distribution channel institutional versusretail activity and both gross and net sales This service now counts 64 ofthe leading asset managers among its members (Some sample data takenfrom the tool can be seen on pages 20 and 21 of the current report)

1 All data is at June 2017 unless otherwise stated

2 lsquoInternationalrsquo fund market Broadridge defines an International fund as afund that sources less than 80 of its assets from any single country Somefund groups have domestic and international funds

3 lsquoDomesticrsquo fund market If a fund sources more than 80 of its assets from asingle country then the fund is allocated to that market regardless of itsdomicile

4 Funds of funds have been excluded from all charts and tables (to avoiddouble counting) unless otherwise stated Therefore a market total is the sumof all the investment categories excluding the three funds of funds categories(in-house ex-house and hedge)

5 The investment category lsquootherrsquo includes a variety of different productcategories For most markets especially Belgium Spain and France the figurecomprises guaranteed funds but there are also derivatives and other specialityfunds in the lsquootherrsquo category

6 Property funds are open-ended property funds only

7 Master group Analysis that aggregates the European mutual fund assetsunder the umbrella of their parent company name

8 ETFs are included in broadridgersquos database on mutual funds but thisexcludes exchange-traded commodity products that are not mutual funds

9 References to foreign activity relate to actual sales as measured byBroadridgersquos SalesWatch confidential service The 64 SalesWatch membersare estimated to account for 75-80 of total cross-border sales activity

No part of this document may be distributed reproduced or posted without the express written permission of Broadridge Financial Solutions Inc copy2017 Broadridge FinancialSolutions Inc Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions Inc

Footnotes About the Report

EUROPEAN FUND MARKET REVIEW

Page 2224

broadridgecom

2017 EDITIONLatest News Page 2324

LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research

LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time

broadridgecom

2017 EDITION

London 19th October Milan 24th October Madrid 25th October

These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend

Conferences

Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers

Broadridge Adds MSCI ESG Fund Metrics Data

2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson

Press Releases

Latest News

Read full release

Read full release

For more information

Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams

copy Copyright 2017 Broadridge Financial Solutions Inc

Page 2424

broadridgecom

2017 EDITIONLatest News Page 2324

LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research

LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time

broadridgecom

2017 EDITION

London 19th October Milan 24th October Madrid 25th October

These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend

Conferences

Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers

Broadridge Adds MSCI ESG Fund Metrics Data

2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson

Press Releases

Latest News

Read full release

Read full release

For more information

Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams

copy Copyright 2017 Broadridge Financial Solutions Inc

Page 2424

LONDON June 13 2017 ndash Broadridge Financial Solutions Inc(NYSEBR) announced an agreement with MSCI ESG Research to addits ESG Fund Metrics to Broadridgersquos Global Market Intelligence theleading platform for domestic and cross-border fund data and analyticsUnder the agreement key MSCI ESG Fund Metrics will be available onthe platform to provide an increased level of transparency on theenvironmental social and governance (ESG) quality andcharacteristics of over 26000 mutual funds and ETFs covered by MSCIESG Research

LAKE SUCCESS NY July 11 2017 ndash Broadridge FinancialSolutions Inc (NYSEBR) has acquired Spence Johnson Limited aleading provider of global institutional data and intelligence to theasset management industry The acquisition will combineBroadridgersquos global retail fund data and analytics solutions withSpence Johnsonrsquos institutional data market intelligence and insightbringing together retail and institutional data and analytics in a singleindustry source for the first time

broadridgecom

2017 EDITION

London 19th October Milan 24th October Madrid 25th October

These events are very rich in content and free to attend anyonewelcome If you would like us to reserve you a place pleasecontact GMIClientServicesBroadridgecom specifying whichevent you would like to attend

Conferences

Our annual Client Conference will be held in Pittsburgh 2nd-4thOctober We are looking forward to some informative panel leddiscussions with your peers industry subject matter expertsand Broadridge associates to uncover opportunities to drivebusiness growth leverage existing products and addressindustry challenges faced by investment providers

Broadridge Adds MSCI ESG Fund Metrics Data

2017 Client ConferenceBroadridge Expands Asset Management Dataand Analytics Offering Through Acquisition ofSpence Johnson

Press Releases

Latest News

Read full release

Read full release

For more information

Distribution Dialogues series on industrytrends co-hosted by Broadridge ampMackayWilliams

copy Copyright 2017 Broadridge Financial Solutions Inc

Page 2424