ipreo regional flow of funds...

IPREO REGIONAL FLOW OF FUNDS SERIES

Netherlands

Q4 2017

Flow of Funds: Netherlands

Market Overview

Ownership by Investor Region vs Issuer Region Ownership by Investor Style vs Issuer Region

Institutional Investment Flow Highlights

• Global equities completed a strong year with gains in the fourth quarter. According to Cordatus, “The World Bank claimed that the world economy is for the first time since the financial crash operating at its full potential. The improvement in output last year was particularly marked in Europe and Asia. In line with the improving global picture, the Eurozone's economy not only continued its rehabilitation in 2017, but enjoyed its fastest annual rate of growth for a decade. The positive momentum that has been building up over the last 18 months or so has been particularly strongly felt in Germany and the Netherlands. Growth expectations in both countries have been raised.”

• "Despite surging credit and equity markets, investors increased their cash balance back into buy territory" said Michael Hartnett, Chief Investment Strategist, in this month's Bank of America Merrill Lynch's (BAML) fund managers’ survey, "This paves the way for more risk asset upside in the beginning of 2018."

• Q4-17 Western European (WEU) equity fund flows remained strong and positive (+$23.5B), but the pace of inflows decelerated from the preceding quarter. The bulk of net inflows into the region continued to be driven by North American managers (albeit at a slower pace).

• At a style level Index oriented investors led buying +$1.6B within Netherlands followed by Alternative and GARP investors. Active investors responsible for inflows into the region are Capital World Investors and Aviva Investors. Capital World has been pouring money into most sectors in the Benelux region including Financials, increasing exposure through its American Funds Income Fund of America Fund managed by Andrew Suzman, Dina Perry and Hilda Applbaum.

• Value investors remain bearish and lead selling within Dutch equities. Driving these sales are Templeton Global Advisors and Causeway Capital, with the former down -$603M, pulling funds mainly from Aegon.

• Within Netherlands, UK & Ireland dominates buying and continues with the buying trend but at a decelerated pace, with the volume decreasing from Q3-2017 (+$2B) to the current period (+$544M). Inflows were led by Growth investors Aviva +$357M and J.P. Morgan Asset Management +$307M. According to recent mutual fund data, Aviva has been pouring money into Financials and Technology across Western Europe.

• North America tops the sellers list, led by outflows driven by Causeway Capital, Fidelity and Templeton. Causeway Capital is seen decreasing exposure in one of the most sold Dutch companies in Q4 2017, Akzo Nobel, according to the latest public filing data.

• Despite sales, Versus a WEU proportional ownership benchmark, Netherlands is overweight in North America ownership by 15.2 pp, while Scandinavian ownership is very much underweight by 11.2pp compared to the same benchmark.

• The growth of passive inflows outstripped active inflows, +41.4% vs 31.3% since Q2-17. Despite the increase in passive investments, these investors remain underweight compared to the wider WEU ownership.

• The main destination of fund inflows into Dutch equities for the review period was Consumer Services followed by the Energy Sector. The top beneficiary within Consumer Services was Relx. More notably investors are heavily selling across various sectors in Netherlands with Technology the most sold, down -

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-3,000.0

-2,000.0

-1,000.0

0.0

1,000.0

2,000.0

3,000.0

N. America W. Europe UK & Ireland Scandinavia Asia Rest ofWorld

Other

Net Change ($M) by Region

Q1-17 Q2-17 Q3-17 Q4-17

-3,000.0

-2,000.0

-1,000.0

0.0

1,000.0

2,000.0

3,000.0

4,000.0

5,000.0

AggGr./Growth

DeepVal./Value

Index GARP Specialty Yield Alternative

Net Change ($M) by Style

Q1-17 Q2-17 Q3-17 Q4-17

WEU

E. Europe 0.1%

Rest of World 0.6%

MENA 1.2%

Asia 0.9%

Scandinavia 16.4%

UK & Ireland 15.3%

W. Europe 28.3%

N. America 37.2%

Netherlands

E. Europe 0.2%

Rest of World 0.6%

MENA 0.1%

Asia 1.2%

Scandinavia 5.2%

UK & Ireland 18.1%

W. Europe 22.2%

N. America 52.4%

Netherlands

Alternative 8.3%

Yield 1.7%

Specialty 3.5%

GARP 5.1%

Index 15.8%

Deep Val./Value 33.5%

Agg Gr./Growth 32.1%

WEU

Alternative 3.0%

Yield 2.5%

Specialty 1.1%

GARP 6.1%

Index 17.7%

Deep Val./Value 36.8%

Agg Gr./Growth 32.8%


Most Bought & Sold Stocks


0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Active vs. Passive Investment (% Chg)

Active Passive

81.4% 75.6%

18.6% 24.4%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Netherlands WEU

Ownership by Orientation vs Issuer Region

Active Passive

-2,500.0 -2,000.0 -1,500.0 -1,000.0 -500.0 0.0 500.0

Basic Materials

Consumer Goods

Consumer Services

Energy

Financials

Healthcare

Industrials

Technology

Utilities

Most Bought & Sold Sectors - Active Investors

-200.0 0.0 200.0 400.0 600.0

Basic Materials

Consumer Goods

Consumer Services

Energy

Financials

Healthcare

Industrials

Technology

Utilities

Most Bought & Sold Sectors - Passive Investors

Country / City

Total Equity

Assets ($M)

Value

($M)

Activity

($M)

#

Firms Country / City

Total Equity

Assets ($M)

Value

($M)

Activity

($M)

#

Firms

United Kingdom (London) 3,127,248.8 62,668.0 857.7 235 United States (New York) 4,022,185.3 39,560.1 1,119.7 348

United States (New York) 4,022,185.3 39,560.1 1,119.7 348 United Kingdom (London) 3,127,248.8 62,668.0 857.7 235

United States (Boston) 4,451,583.0 27,459.5 -540.1 97 France (Paris) 608,049.1 26,490.3 -33.6 161

France (Paris) 608,049.1 26,490.3 -33.6 161 United States (Boston) 4,451,583.0 27,459.5 -540.1 97

United States (Los Angeles) 1,394,965.5 23,946.1 347.3 27 Spain (Madrid) 77,834.8 1,904.0 -157.0 73

United States (San Francisco) 2,940,600.2 21,939.3 378.1 53 United States (Chicago) 986,419.4 6,604.8 -193.6 66

United States (Malvern) 2,957,214.9 14,433.4 578.2 2 Canada (Toronto) 909,673.0 5,712.1 -184.3 59

Norway (Oslo) 717,098.6 12,346.4 128.5 11 United States (San Francisco) 2,940,600.2 21,939.3 378.1 53

Netherlands (Rotterdam) 57,238.6 10,967.3 -19.0 4 Germany (Frankfurt) 373,703.2 10,458.0 124.6 51

Germany (Frankfurt) 373,703.2 10,458.0 124.6 51 Luxembourg (Luxembourg) 48,855.9 1,611.5 -34.2 47

United States (Chicago) 986,419.4 6,604.8 -193.6 66 Switzerland (Zürich) 382,582.6 3,736.8 61.3 46

Netherlands (Amsterdam) 200,335.1 6,519.9 -215.0 25 Sweden (Stockholm) 308,032.5 3,415.4 89.8 43

Canada (Toronto) 909,673.0 5,712.1 -184.3 59 Switzerland (Geneva) 124,356.5 1,737.6 50.7 37

United Kingdom (Edinburgh) 337,596.2 5,207.5 -259.8 20 Japan (Tokyo) 971,150.0 1,108.2 -11.3 33

Germany (Munich) 89,122.9 4,523.9 41.6 22 Italy (Milan) 75,647.6 2,196.1 10.3 29

Includes Active & Passive Investors 278,836.5 2,130.2 1,181 Includes Active & Passive Investors 216,601.8 1,538.2 1,378

Top Invested Cities

MO

ST IN

VES

TED

MO

ST IN

VES

TOR

S

Security Industry Change $M

ABN AMRO Group N.V. Banking 1,011.5

Argenx SE Biotechnology and Pharmaceuticals 601.3

NXP Semiconductors N.V. Semiconductors 516.7

Koninklijke KPN N.V. Telecommunications 454.0

Heineken N.V. Food, Beverage, and Tobacco 303.9

Constellium N.V. Metals and Mining 273.8

ASR Nederland NV Insurance 244.1

NN Group N.V. Insurance 236.4

Sensata Technologies Holding N.V. Industrial Equipment 226.3

Relx NV Media 218.8

Includes Active & Passive Investors 4,086.8

BOU

GH

T

Security Industry Change $M

ASML Holding N.V. Semiconductors -1,867.9

Aegon N.V. Insurance -944.9

Unilever N.V. Food, Beverage, and Tobacco -881.3

Altice N.V. Telecommunications -782.0

Akzo Nobel N.V. Chemicals -621.3

Koninklijke Philips N.V. Medical Equipment -528.8

ING Groep N.V. Banking -332.9

Cimpress N.V Industrial Goods and Services -222.7

Koninklijke DSM N.V. Chemicals -136.5

TomTom N.V. Telecommunications -108.1

Includes Active & Passive Investors -6,426.3

SOLD


Top Active & Passive Holders, Buyers & Sellers


Firm Country Style Turnover Equity Assets ($M) Value ($M) Change ($M) % Portfolio % Portfolio Chg

Capital World Investors (U.S.) United States Value Low 710,393.8 16,809.1 548.7 2.4% 3.4%

The Vanguard Group, Inc. P United States Index Low 2,956,980.4 14,432.6 578.2 0.5% 4.2%

BlackRock Fund Advisors P United States Index Low 2,009,789.0 11,790.9 357.6 0.6% 3.1%

Norges Bank Investment Management (Norway) SWF Norway Value Low 655,044.7 11,687.5 173.2 1.8% 1.5%

HAL Investments B.V. Netherlands Specialty Low 10,060.0 9,931.1 0.0 98.7% 0.0%

Fidelity Management & Research Company United States Growth Low 938,590.5 8,409.8 -421.4 0.9% -4.8%

BlackRock Advisors (U.K.), LTD P United Kingdom Index Low 153,842.6 5,345.8 -2.9 3.5% -0.1%

Lyxor Asset Management SAS P France Index High 73,943.0 4,690.5 816.9 6.3% 21.1%

Amundi Asset Management S.A. France Value Medium 91,691.7 4,338.8 -79.4 4.7% -1.8%

Wellington Management Company, LLP United States Value Low 511,067.1 4,338.7 161.6 0.8% 3.9%

Henderson Global Investors, LTD (U.K.) United Kingdom Growth Medium 57,942.1 4,337.2 -214.0 7.5% -4.7%

Artisan Partners, L.P. United States Growth Medium 100,210.3 4,023.5 -79.2 4.0% -1.9%

T. Rowe Price Associates, Inc. United States Growth Low 674,847.2 3,740.3 -319.0 0.6% -7.9%

Dodge & Cox United States Value Low 189,923.6 3,690.4 253.3 1.9% 7.4%

Capital Research Global Investors (U.S.) United States GARP Low 478,004.7 3,613.9 189.8 0.8% 5.5%

Fidelity International Limited - FIL Investment Services (U.K.), LTDUnited Kingdom Growth Medium 107,625.0 3,566.1 21.1 3.3% 0.6%

J.P. Morgan Asset Management (UK), LTD United Kingdom Growth Medium 122,775.0 3,403.2 307.5 2.8% 9.9%

Dimensional Fund Advisors, L.P. (U.S.) P United States Value Low 417,076.7 3,352.4 119.5 0.8% 3.7%

NNIP Advisors B.V. Netherlands Value Medium 37,198.7 3,254.8 33.7 8.7% 1.0%

Elliott Management Corporation HF United States Alternative Medium 20,609.0 3,179.1 0.0 15.4% 0.0%

127,935.6 2,445.3


Lyxor Asset Management SAS P France Index High 73,943.0 4,690.5 816.9 6.3% 21.1%

The Vanguard Group, Inc. P United States Index Low 2,956,980.4 14,432.6 578.2 0.5% 4.2%

Capital World Investors (U.S.) United States Value Low 710,393.8 16,809.1 548.7 2.4% 3.4%

Aviva Investors Global Services, LTD (U.K.) United Kingdom Growth Low 51,532.5 1,035.4 357.7 2.0% 52.8%

BlackRock Fund Advisors P United States Index Low 2,009,789.0 11,790.9 357.6 0.6% 3.1%

ComStage ETF (Germany) P Germany Index Very High 9,336.7 623.3 346.9 6.7% 125.5%

J.P. Morgan Asset Management (UK), LTD United Kingdom Growth Medium 122,775.0 3,403.2 307.5 2.8% 9.9%

Arrowgrass Capital Partners (U.S.), L.P. United States Alternative Very High 3,758.9 590.4 302.8 15.7% 105.3%

Fisher Investments United States GARP Low 79,965.2 1,604.9 281.8 2.0% 21.3%

Omni Partners, LLP United Kingdom Alternative Very High 577.0 324.5 257.1 56.2% 381.5%

Dodge & Cox United States Value Low 189,923.6 3,690.4 253.3 1.9% 7.4%

Mondrian Investment Partners, LTD United Kingdom Value Low 24,000.7 987.7 210.2 4.1% 27.0%

Capital Research Global Investors (U.S.) United States GARP Low 478,004.7 3,613.9 189.8 0.8% 5.5%

Norges Bank Investment Management (Norway) SWF Norway Value Low 655,044.7 11,687.5 173.2 1.8% 1.5%

Paulson & Company, Inc. United States Alternative Medium 5,569.0 169.8 168.3 3.0% 11500.0%

Eleva Capital SAS France Alternative Very High 3,222.4 325.1 163.0 10.1% 100.6%

Wellington Management Company, LLP United States Value Low 511,067.1 4,338.7 161.6 0.8% 3.9%

Bluefin Trading, LLC United States GARP Very High 1,429.6 158.0 148.9 11.1% 1628.5%

FMR Investment Management (UK), LTD United Kingdom Growth Medium 15,175.6 916.3 146.7 6.0% 19.1%

Mackenzie Financial Corporation Canada Growth Medium 61,134.6 446.8 145.4 0.7% 48.3%

81,638.9 5,915.8


Carmignac Gestion France Growth Medium 22,004.2 653.6 -829.1 3.0% -55.9%

Templeton Global Advisors, LTD Bahamas Value Low 43,355.4 898.4 -603.3 2.1% -40.2%

Deutsche Asset Management (UK), LTD P United Kingdom Index Very High 20,649.1 1,209.2 -559.4 5.9% -31.6%

Causeway Capital Management, LLC United States Value Medium 32,435.0 1,472.6 -443.9 4.5% -23.2%

Fidelity Management & Research Company United States Growth Low 938,590.5 8,409.8 -421.4 0.9% -4.8%

Templeton Investment Counsel, LLC United States Deep Value Low 22,917.0 719.2 -403.1 3.1% -35.9%

Boston Partners Global Investors, Inc. United States Value Medium 89,238.5 120.9 -379.7 0.1% -75.8%

T. Rowe Price Associates, Inc. United States Growth Low 674,847.2 3,740.3 -319.0 0.6% -7.9%

Managed Account Advisors, LLC P United States Specialty Medium 220,103.6 690.2 -253.6 0.3% -26.9%

Union Investment Privatfonds GmbH Germany GARP Medium 52,546.8 1,275.0 -240.5 2.4% -15.9%

Cowen Investment Management, LLC United States Growth Very High 940.4 66.1 -233.9 7.0% -78.0%

Henderson Global Investors, LTD (U.K.) United Kingdom Growth Medium 57,942.1 4,337.2 -214.0 7.5% -4.7%

Hound Partners, LLC United States Alternative High 3,637.4 19.2 -193.8 0.5% -91.0%

Cambiar Investors, LLC United States Value Medium 9,109.1 163.6 -186.7 1.8% -53.3%

BNY Mellon Asset Management North America CorporationP United States Index Low 203,421.6 1,951.7 -177.8 1.0% -8.4%

AllianceBernstein, L.P. (U.S.) United States Value Medium 168,871.9 800.0 -177.4 0.5% -18.1%

BlackRock Advisors, LLC United States Value Low 297,878.9 2,860.1 -158.9 1.0% -5.3%

Tweedy, Browne Company LLC United States Value Low 12,556.6 499.7 -151.7 4.0% -23.3%

Standard Life Investments, LTD (U.K.) United Kingdom Growth Medium 72,179.5 1,667.7 -145.9 2.3% -8.0%

Silver Point Capital, L.P. (U.S.) United States Alternative High 1,703.8 179.7 -145.9 10.5% -44.8%

Includes Investors with EUM greater than $100M. 31,734.1 -6,239.1

SWF - Sovereign Wealth Fund; HF - Hedge Fund/Alternative; P - Passive Investor

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