Sales of SRI funds drop again, green fund sales hold steady

Monthly retail SRI receipts down, but slowed depression.

Retail sales of European SRI funds continued to slide in November last year when €121m was withdrawn from the sector, according to the latest available figures compiled for Responsible Investor by Lipper FMI, the investment data group.
The outflows were far lower than October, however, when €977m was wiped off the value of the sector in one month. Conversely, November sales of green themed funds (labelled by Lipper FMI as ‘RI Extended’ which includes funds with multiple exclusions, those following a norms-based strategy and themed climate change and microfinance funds) stayed positive with total sector inflows of €184.5m. That followed October 2009’s net asset increase of €512.7m, which suggested greater investor interest as the Copenhagen climate change summit approached. SRI funds or ‘RI Screened’ as they are labelled by Lipper FMI, are those that have undergone an ‘extra-financial’ ESG (environment, social and governance) screen in their stock selection process. The biggest seller during November came from the stable of French bank, Crédit Agricole via its LCL Monétaire Medium European money market fund with net sales of €76.3m.Second biggest seller was Axa’s Euro Valeurs Responsables (Responsible European equities) fund with sales of €72.4m. Third was Swiss manager SAM’s sustainable water fund with sales of €63.6m. The largest fund in the RI Screened sector is Crédit Agricole’s LCL Monétaire Medium with e2.56bn. The second target is Allianz’s Securicash SRI money market fund with €2.24bnTotal assets in the sector represent €51.7bn.
The biggest seller in the green funds RI Extended sector was French insurer Macif’s Trésorerie Semestrielle ISR with net sales of €108.4m. Second was Danish fund manager Danske’s Invest KlimaTrends fund with receipts of €66m.
Third was BNP Paribas’ Sélection IRD Garantie 2015 fund with €51.1m in sales. The biggest fund in the RI Extended sector remains Blackrock’s New Energy Fund with €2.56bn. Second is Pictet’s Water Fund with €2.2bn. Assets in the total sector are worth €20.6bn
Mainstream equity funds had sales of €7.2bn in November out of a total European equity retail funds market of €1.56 trillion.

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