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European RI funds sales yo-yo continues as funds drop €3bn in June

Green-themed funds also follow the market down.

Sales and market appreciation of European SRI retail funds plummeted by €3bn (-€3,095) in June this year, mirroring a major withdrawal of equity from the mainstream funds market, according to the latest available figures compiled for Responsible Investor by Lipper FMI, the investment data group. The outflow of SRI funds, or RI Screened funds as they are labelled by Lipper FMI, completely reversed gains of €3.2bn in the sector in May. The drop continues a roller-coaster year of flows. In April, SRI funds clawed back over €1bn in assets after a drop of €2.16bn in March. June’s dip followed the overall market where mainstream equity fund sales were down by €10bn. As a result, just three funds made it into treble figure asset rises and the top two sellers were both cash funds, reflecting the conservative market conditions. Allianz’s Securicash SRI fund was the highest riser with new money of €232.7m over the month. It was followed by Dexia’s Money Market Euro Sustainable fund with €145.8m. Third, and the highest grossing equities fund, was Swiss responsible investment specialist Ethos’ Equities CH Indexed, Corporate Governance fund with€108.9m. Another equities fund came in fourth: CCLA’s UK shares fund, the CBF Church of England Investment, bringing in €46.5m. The largest SRI retail fund is Tréso Eonia ISR cash fund with €23.8bn in assets. Second is Aviva Monétaire ISR cash fund with €2.4bn. Sales of green themed and norms-based European RI retail fund sales – labelled ‘RI Extended’ by Lipper FMI – experienced the same month-on-month asset reversal in June with assets down by €623.6m, reversing a €751m gain in May. Again, the accent of investors appears to have been on safe assets with credit funds making the running. Storebrand’s Global Kreditt IG took in €109.7m. It was followed by Nordea’s Euro Midi Korko fund with €84.3m and the Nordea 1 – Stable Return Fund with €80m in new money and market appreciation. The largest RI Extended fund is Nordea’s International Fund – Sekura Fund, a cash fund with €3.51bn in assets. Second is Nordea’s SVE Instituutio Korko cash fund with €2.3bn in assets. Third is Pictet’s Water fund with €2.27bn. 

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