Not all absolute return funds were treated as equal, however, with mixed asset funds seeing sales of €1bn while bond-based absolute return offerings suffered redemptions of €410m.
Towards the end of 2012 IMA figures showed absolute return funds bouncing back into favour, as Portfolio Adviser reported.
The figures were revealed as part of Lipper’s monthly Fund Flash, which also unveiled that high yield bond funds have come rapidly back into fashion.
Read our analysis on absolute return funds ahead of their sector review, which is currently ongoing.
"Having suffered unprecedented redemptions of €9.4bn as recently as September, high yield bond funds have come rapidly back into fashion and enjoyed net sales of €6.3bn in January, with €3.4bn flowing into dollar-denominated products," said Ed Moisson, head of UK and cross border research at Lipper.
Asset class sales
Overall equity funds enjoyed net sales of €4.2bn in the first month of the year, with €1.4bn put into ETFs. But this "paled in comparison" to fixed income sales, according to Moisson, which saw €18bn of inflows.
Corporate investment grade bonds and GEM funds (both equities and bonds) were also areas of favour, with €2.1bn of the former and €6.3bn of the latter (equity and bonds combined) in net sales.
In terms of providers, Allianz/Pimco started the year fastest out of the blocks, Moisson said with net sales of €2.8bn in January. Looking at just equity funds, Aberdeen Asset Management leads the field, with net sales of €1bn.
Reflecting the general trends, Ashmore’s Emerging Markets Liquid Investment portfolio and Pimco’s GIS Global Investment Grade Credit Fund were at the top of the best-sellers list.
What, if anything, have you been buying since the start of the year? Let us know below.
