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 Equity/Bond Fund Flows Reports How to read EPFR Equity/Bond Fund Flows Reports EPFR Equity/Bond Fund Flows Reports How to read EPFR Equity/Bond Fund Flows Reports EPFR Global 1

Equity/Bond Fund Flows Reports ………………………………. . ………… • Calculates “Net Flows” (investor contributions/redemptions) for Equity/Bond Fund Flows Reports ………………………………. . ………… • Calculates “Net Flows” (investor contributions/redemptions) for individual funds and for various fund categories • Net Flows calculations exclude portfolio performance and currency fluctuations • Tracks beginning of period (week/month) and end of period asset levels by fund • Reports are organized by fund category • History sheet shows weekly/monthly aggregate flows year to date by fund category • Covers funds registered for sale in most major developed market jurisdictions and offshore domiciles, including USA, UK, Canada, Luxembourg, Switzerland, Australia, Hong Kong, Channel Islands, Germany, Austria, France and many others • Weekly history for equity available from October 2000 to present; weekly history for bonds available from April 2001 to present • Monthly history available from January 1995 to present EPFR Global 2

Equity/Bond Fund Flows Reports Definitions & Method of Calculation EPFR Global 3 Equity/Bond Fund Flows Reports Definitions & Method of Calculation EPFR Global 3

Equity/Bond Fund Flows Data Definitions ……………………………………………. …. • Assets Bo. W: Total fund assets Equity/Bond Fund Flows Data Definitions ……………………………………………. …. • Assets Bo. W: Total fund assets beginning of week • Assets Eo. W: Total fund assets end of week • Weekly Net Chg: Weekly change in total net assets • Weekly Portfolio Chg: Weekly change due to portfolio performance ($ terms) • Weekly Portfolio Chg %: Weekly change due to portfolio performance based on Bo. W assets (% terms) • Weekly Flows: Investor purchases/redemptions of fund shares ($ terms) • Weekly Flows %: Investor purchases/redemptions based on Bo. W assets (% terms) • Fund Curr: Main currency denomination of fund share class • Domicile: Country of legal registration of fund • Advisor: Company responsible for day to day management of portfolio of the fund For monthly reports, ‘weekly’ will be replaced with ‘monthly’ EPFR Global 4

Equity/Bond Fund Flows - Method of Calculation …………………………………………………. Weekly Net Flows = (Weekly Net Equity/Bond Fund Flows - Method of Calculation …………………………………………………. Weekly Net Flows = (Weekly Net Chg) – (Weekly Portfolio Chg) Weekly Net Chg Weekly Portfolio Chg = (Assets Eo. W) – (Assets Bo. W) – (Weekly Forex Chg) = (Assets Bo. W) x Weekly performance of the fund* *Change in NAV per share including any dividend distributions or = (Weekly Portfolio Chg) + (Weekly Flows) EPFR Global 5

Equity/Bond Fund Flows - Method of Calculation (Cont. ) …………………………………………………………. Example: European Growth Fund Equity/Bond Fund Flows - Method of Calculation (Cont. ) …………………………………………………………. Example: European Growth Fund Bo. W Assets: € 500 m Eo. W Assets: € 550 m Bo. W NAV: € 10 Eo. W NAV: € 10. 6 NAV Performance for the week: 6% (10. 6 – 10)/10 Bo. W €/US$ exchange rate: 1. 275 Eo. W €/US$ exchange rate: 1. 227 Average €/US$ exchange rate: 1. 251 Step 1: Calculate Portfolio Change & Fund Flows in local currency Portfolio Change: € 500 m x 6% = € 30 m Fund Flows: € 550 m - € 500 m - € 30 m = € 20 m Step 2: Convert all local currency amounts to US$ Bo. W Assets: € 500 m x 1. 275 = $637. 5 m Eo. W Assets: € 550 m x 1. 227 = $674. 85 m Portfolio Change: € 30 m x 1. 251 = $37. 53 m Fund flow: € 20 m x 1. 251 = $25. 02 m If FX rate remained the same for the week, then Bo. W Assets + Portfolio Change + Fund Flow would equal Eo. W Assets Expected Eo. W Assets: $637. 5 + $37. 53 + $25. 02 = $700. 05 Actual Eo. W Assets: $674. 85 Forex change: $700. 05 – $674. 85 = $25. 2 m EPFR Global 6

Assets Bo. W (Assets Beginning of Week) EPFR Global Total fund assets beginning of Assets Bo. W (Assets Beginning of Week) EPFR Global Total fund assets beginning of week (as of prior Wednesday's market close) 7

Assets Eo. W (Assets End of Week) EPFR Global Total fund assets end of Assets Eo. W (Assets End of Week) EPFR Global Total fund assets end of week (as of current Wednesday's market close) 8

Weekly Net Chg (Weekly Net Change) EPFR Global = (Assets Eo. W) – (Assets Weekly Net Chg (Weekly Net Change) EPFR Global = (Assets Eo. W) – (Assets Bo. W) – (Weekly Forex Chg) = (Weekly Portfolio Chg) + (Weekly Flows) 9

Weekly Portfolio Chg = (Assets Bo. W) x (Weekly performance of fund)* *change in Weekly Portfolio Chg = (Assets Bo. W) x (Weekly performance of fund)* *change in NAV per share including any dividend distributions EPFR Global 10

Weekly Portfolio Chg % EPFR Global = (Weekly Portfolio Chg) / (Assets Bo. W) Weekly Portfolio Chg % EPFR Global = (Weekly Portfolio Chg) / (Assets Bo. W) 11

Weekly Flows EPFR Global = (Assets Eo. W) – (Assets Bo. W) – (Weekly Weekly Flows EPFR Global = (Assets Eo. W) – (Assets Bo. W) – (Weekly Portfolio Chg) – (Weekly Forex Chg) 12

Weekly Flows % EPFR Global = (Weekly Flows) / (Assets Bo. W) 13 Weekly Flows % EPFR Global = (Weekly Flows) / (Assets Bo. W) 13

Fund Curr EPFR Global Main currency denomination of fund share class 14 Fund Curr EPFR Global Main currency denomination of fund share class 14

Domicile EPFR Global Country of legal registration of fund 15 Domicile EPFR Global Country of legal registration of fund 15

Advisor EPFR Global Company responsible for day to day management of portfolio of the Advisor EPFR Global Company responsible for day to day management of portfolio of the fund Company responsible for day to day management 16

Geographic Focus EPFR Global Geographic investment focus of fund 17 Geographic Focus EPFR Global Geographic investment focus of fund 17

Geo. Focus Page EPFR Global This page shows weekly aggregate flows by geographic focus Geo. Focus Page EPFR Global This page shows weekly aggregate flows by geographic focus This page shows 18

Fund History Page EPFR Global This page shows weekly aggregate flows year to date Fund History Page EPFR Global This page shows weekly aggregate flows year to date by fund category 19

Equity/Bond Fund Flows Reports FAQ & Contact Us EPFR Global 20 Equity/Bond Fund Flows Reports FAQ & Contact Us EPFR Global 20

Frequently Asked Questions ……………………………. . ……… Q: What is the difference between the monthly Frequently Asked Questions ……………………………. . ……… Q: What is the difference between the monthly and weekly Fund Flows reports? A: The Weekly report contains a sub-set of the funds contained in the Monthly report. This is because not all funds report to Emerging Portfolio Fund Research (EPFR) on a weekly basis. Those that do are included in the weekly report. Those that don't can only be seen in the monthly report. The Monthly Fund Flows report has the same format as the Weekly Fund Flows report. Q: Does EPFR Fund Data only cover emerging markets funds? A: No - International funds, Global funds, Developed Europe funds, Pacific funds, Japan funds, and USA funds are also part of our coverage. EPFR Global 21

Sample reports and pricing information are available at http: //www. epfr. com/feedback. cfm or Sample reports and pricing information are available at http: //www. epfr. com/feedback. cfm or please feel free to contact us By Email: [email protected] com By Phone: 1 -617 -864 -4999 Or, visit EPFR website at http: //www. epfr. com EPFR Global 22