Data digest european fund market mid-year review 2016

2016 MID-YEAR EDITION
EUROPEAN FUND MARKET
DATA DIGEST

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2016 MID-YEAR EDITIONEUROPEAN FUND MARKET REVIEW
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AUTHOR INFORMATION
Jérôme Couteur
Product Manager, FundFile
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Barbara Ferraresi
Product Manager, SalesWatch
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Diana Mackay
Editorial
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2016 MID-YEAR EDITION EUROPEAN FUND MARKET REVIEW
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OVERVIEW
The asset management world can change with what seems like the
blink of an eye. After a year in which numerous sales records were
hit, 2016 began with investors still sulking over the US interest rate
rise that occurred in December, but it was the sharp correction to the
Chinese bourses that then sent them into an almighty huff. This negative
cycle lasted for two months, hitting the global markets broadside on.
Ironically, investor portfolios in the Asian region experienced the least
pain but this was mainly the result of Japan stepping up its quantitative-
easing programme and fuelling demand for ETFs. Europe, though, fared
worse than any other region during the first half, weighed down not
only by the Chinese crash but also by local issues.
Volatile is the only way to describe the European markets during
the first half of 2016. After the investment hiatus that occurred at
the start of the year, mainstream retail savers called time on fund
investing and seem to have been hiding in deposits ever since. This left
institutions and sophisticated investors in control and their appetite
became increasingly short term as winter turned to summer. Net
flows started the year in redemption over China and they ended the
half year in redemption over Brexit. Sandwiched in between there
were some good months fuelled by the ECB’s promise to buy high-
grade corporate bonds. The front-runners took to the tracks without a
moment’s hesitation, pumping money into a variety of corporate and
emerging market bond funds. Net sales into long-term funds bounced
from redemption to solid inflows between March and May, but then
came Brexit and a second bout of derisking in anticipation of the vote.
By the end of the first half the gains made in the good months were
overwhelmed by the withdrawals and Europe ended the six-month
period with net redemptions of €11bn in the long-term asset classes.
The Asian region, on the other hand, topped the regional scoreboard
with inflows of €40bn, followed by the US with €36bn.
Equities were the Achilles heel of most regional industries. Regardless
of market health and periodic rebounds, investors refused to see their
attractions and every month to the end of June ended in redemption
for this asset class. In fact, by the end of the first half cumulative equity
fund redemptions were higher than in any like-for-like period since the
financial crisis in 2008. It was not so much a case of investors being
risk-off; rather they chose to take risk through fixed income and mixed
asset funds. Thus various styles of corporate and global currency
bonds scored solid inflows, whilst almost all regional equities – Europe
in particular – were sold off. There were two areas of residual equity
interest, namely, emerging markets and alternative equity products,
both offering the hope of uncorrelated returns.
Mixed asset funds were last year’s arena of bonanza sales flows. This
year the asset class has so far maintained its sales strength against
all other categories but volumes have plummeted. In the first half of
2015 net inflows soared to €131bn, their best experience on record.
In the same period this year, net receipts were a diminutive €24bn.
One important factor in their relative demise is the lack of activity by
Europe’s large captive banks in sales generation through new product
initiatives – another sign that their mainstream savers are out of play.
RELENTLESS RISE OF ETFS
Market volatility in the recent months has shown investors to be
pumping money into active funds when they are in a buying frenzy,
but passive funds when they are in a more negative cycle. Even so,
passive funds continue to generate consistent inflows regardless of
market cycle and as investment horizons become more short term
their interest in ETFs becomes more noticeable. These behavioural
patterns are nowhere more evident than in equities where ETFs, in
particular, generated net inflows of €41bn in the first half compared
with redemptions of €60bn from their actively managed counterparts.
This is a trend that has been developing over a number of years and
cannot be dismissed as temporary. Indeed, the volumes seen so far this
year, across all asset classes, represent a 65% increase on the full-year
volumes seen in 2015 – and, what’s more, 2015 was a record year for
the sales of ETFs.
MARKET SUCCESS
Ignoring money market funds, which continue to be the mainstay of
French sales success, the spotlight in the first half of the year was on
Germany and Switzerland. The German market was very slow to recover
from the financial crisis but in the last three years sales volumes have
been building progressively. Institutions have played an important role
in this momentum, through ETFs, specially designed index tracker funds
and, increasingly, renewed interest in real estate funds. Mixed asset
funds have also proved to be a popular option, particularly for retail
investors and here independent boutiques like Flossbach von Storch
have been rising high. Sophisticated investors and institutions are
also a feature of the Swiss market and, here, equities retained some of
their sparkle although it was institutional index trackers that were the
primary driving force.
Much lower down the rankings was Spain and here a warning flag is
flying, particularly for cross-border groups that enjoyed huge sales flows
via funds of funds in 2015. Spanish banks have once again turned their
backs on this product and are instead feeding their captive clients on a
new diet of protected and guaranteed funds. Money is being sucked out
of funds of funds and cross-border groups, in consequence, are finding
the market much more challenging.
THE FALL OF THE GIANTS
With new money hard to find and investors withdrawing from risk-
based funds, Europe’s largest groups have taken an inevitable hit. One
of the sad rules of asset management is that success breeds profit
takers so those with the largest book of assets tend to see the biggest
outflows. Not so Nordea, which has been riding the mixed asset wave
over the past two years. Its success has not yet peaked and, in fact,
troubled investors are herding into its Stable Return fund in numbers
not seen since the heady days of Carmignac’s Patrimoine fund. Nordea
is not the only success story; bubbling in the background is a battle
for alternative mixed asset propositions being fought out between
Standard Life and pretenders to the throne, Invesco and Aviva. Aviva
has had the best of the sales battle this year, sufficient to rank it second
after Nordea. Clearly it is not an even fight because Standard Life is
handicapped by its considerable book of legacy assets, but the interplay
will be interesting to watch in the coming months.
KEY DATA:
TOTAL # OF MASTER GROUPS......................................................... 1,874
TOTAL # OF COMPANIES................................................................. 2,734
TOTAL # OF FUNDS........................................................................34,854
FUND LAUNCHES............................................................................... 967
FUND CLOSURES............................................................................. 1,438
TOTAL NET ASSETS (JUNE 2016) ........................................... €8,112.9BN
ASSET GROWTH (YTD 2015)....................................................... -€198BN
ESTIMATED NET SALES (YTD 2016).............................................€11.1BN
ESTIMATED NET SALES (Q1 2016)............................................. -€27.8BN
ESTIMATED NET SALES (Q2 2016).............................................. €38.9BN

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OVERVIEW
FIGURE 2 GLOBAL NET SALES YTD 2016 (€M)
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
Asia-Pacific Europe Latin America MEA USA
Bond Equity Mixed Assets Money Market Other
-60,000
-40,000
-20,000
0
20,000
40,000
60,000
80,000
YTD 2016 Jan 2016 Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2016
Bond Equity Mixed Assets Money Market Other
FIGURE 1 EUROPEAN NET SALES YTD 2016 (€M)

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BEST-SELLING EQUITY FUNDS YTD 2016
FUND EQUITY CLASSIFICATION NET SALES (€M)
State Street ACS North America Index Equity North America 3,035.2
Fundsmith Equity Global 2,007.6
Old Mutual Global Equity Absolute Return Alternative 1,917.6
DWS Top Dividende Global Income 1,450.8
iShares Core S&P 500 UCITS ETF (USD) North America 1,379.1
FIGURE 4
BEST SELLERS
FIGURE 3
FIGURE 5
BEST-SELLING BOND FUNDS YTD 2016
FUND BOND CLASSIFICATION NET SALES (€M)
CS Nova (Lux) Fixed Maturity Bond Fund 2019 Target Maturity Other 2,932.9
Eurizon EasyFund - Treasury EUR T1 Global Currencies 1,970.1
PIMCO GIS Income Global Currencies 1,950.3
Carmignac Sécurité EUR Short-Term 1,922.4
AEAM Dutch Mortgage Asset-backed Securities 1,777.7
BEST-SELLING MIXED FUNDS YTD 2016
FUND MIXED CLASSIFICATION NET SALES (€M)
Nordea1-StableReturn Asset Allocation 6,135.6
JPMorgan Global Macro Opportunities AssetAllocationAlternative 4,614.3
Invesco Global Targeted Returns AssetAllocationAlternative 1,902.6
Invesco Perpetual Global Targeted Returns AssetAllocationAlternative 1,660.5
Aviva Investors Multi-Strategy Target Return AssetAllocationAlternative 1,379.0

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EUROPEAN SALES
FIGURE 6 EUROPEAN MARKET RANKING BY ESTIMATED NET SALES YTD 2016 (€M)
RANK FUND MARKET BOND COMMODITY EQUITY MIXED MM MM ENH PROPERTY OTHER TOTAL
1 France -878.0 -28.9 183.2 -635.2 14,401.8 738.5 - -1,137.8 12,643.5
2 Germany 994.5 851.4 1,536.5 1,851.2 61.3 1,994.8 3,098.8 -308.8 10,079.7
3 Switzerland 3,014.1 1,512.1 3,417.5 148.3 -423.2 544.3 -78.7 -409.2 7,725.2
4 United Kingdom 1,270.5 - -11,046.0 6,208.7 10,271.0 315.5 -963.1 -457.2 5,599.2
5 Spain 2,182.4 1.6 -841.3 -499.4 1,460.5 -38.2 0.2 884.6 3,150.4
6 Italy 1,083.4 7.2 -704.3 3,774.5 -304.3 -238.4 - -1,125.0 2,493.2
7 Norway 447.4 - 172.1 29.5 855.3 - - 59.8 1,564.0
8 Netherlands 908.2 28.7 53.4 178.9 0.9 0.3 - 17.5 1,187.9
9 Croatia 86.1 - -8.8 -15.4 134.5 - - -0.0 196.4
10 Turkey 341.9 -1.1 11.9 -103.7 -137.6 - 0.0 19.0 130.5
11 Malta 115.5 - 19.9 -0.8 -39.2 -1.5 -1.3 20.1 112.8
12 Liechtenstein 50.5 - 13.5 -5.4 - -0.0 - -0.0 58.6
13 Romania 55.5 - -2.3 17.0 -3.0 -0.1 - -10.7 56.5
14 Russia 79.8 -3.2 -13.2 -31.7 2.3 - - -0.3 33.7
15 Bulgaria 10.4 -0.0 9.8 10.7 3.0 -0.6 - 0.0 33.3
16 Austria -883.7 -15.0 -3.4 317.0 135.5 2.5 570.2 -113.5 9.4
17 Lithuania 3.5 - 3.9 -0.1 - - - -1.1 6.2
18 Latvia -4.2 - -0.2 3.0 - - - - -1.5
19 Luxembourg -2.0 - -2.0 -4.4 - - - - -8.4
20 Czech Republic -52.7 -2.6 21.8 55.6 -53.6 -1.9 84.0 -64.0 -13.5
21 Slovenia 41.0 - -71.1 -0.8 10.6 - 0.1 - -20.2
22 Estonia -43.6 - 4.5 - - - - - -39.1
23 Slovakia -47.5 -14.1 -6.6 -31.5 -182.4 0.2 54.1 -0.8 -228.6
24 Iceland -231.7 - -19.9 -0.6 -31.5 - - - -283.7
25 Greece -40.8 - -36.8 -16.7 -291.5 -3.4 - -48.0 -437.3
26 Poland -47.2 5.3 -346.7 -369.5 297.5 0.8 - -16.1 -476.0
27 Portugal -14.3 - -85.6 -98.8 -305.6 - -30.7 0.0 -535.0
28 Hungary -136.8 - -10.3 -101.1 -463.3 -1.4 168.9 -72.9 -616.9
29 Finland -570.6 4.5 -951.6 3.9 271.9 275.9 193.8 -6.5 -778.6
30 Sweden -1,314.2 100.2 -877.3 326.2 653.6 - - -606.5 -1,717.8
31 Denmark -1,728.7 - -2,693.3 -39.8 -134.6 -14.4 - -96.6 -4,707.3
32 Belgium 934.1 -8.5 303.3 -190.5 -5,991.8 72.8 - -297.2 -5,177.9
33 International 11,145.9 2,330.6 -45,311.5 13,608.8 -615.8 -1,048.1 -74.9 1,006.1 -18,958.9
34 Ukraine - - -0.0 -0.0 -0.0 - - -
TOTAL EUROPE 16,768.5 4,768.1 -57,280.9 24,387.9 19,582.4 2,597.7 3,021.2 -2,765.0 11,079.9

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FIGURE 7 TOP 25 SECTORS IN EUROPE (€M)
FIGURE 8 TOP AND BOTTOM FIVE SECTORS BY SALES YTD 2016 (€M)
ALL SECTOR RANKING
RANK FUND SECTOR ENS YTD 2016
1 Asset Allocation Alternative 18,852.8
2 Money Market EUR 17,630.6
3 Equities Alternative 11,530.1
4 Money Market GBP 11,513.1
5 Bonds Global Corporates 8,600.3
6 Bonds Global Currencies 8,143.8
7 Fund of Funds Bonds 7,422.4
8 Bonds USD 6,237.0
9 Equities Emerging Markets 5,463.1
10 Bonds EUR Corp. Inv. Grade 5,445.4
11 Asset Allocation 5,350.5
12 Commodities 4,768.1
13 Derivatives 3,798.5
14 Asset-backed Securities 3,107.0
15 Bonds Emerging Markets 3,021.6
16 Real Estate 3,021.2
17 Short Term Dynamic 2,919.1
18 Target Maturity Other 2,811.8
19 Bonds Inflation Linked 2,592.4
20 Speciality 2,591.3
21 Bonds EUR Short-Term 2,493.8
22 Bonds Asian Currencies 2,402.3
23 Fund of Funds Asset Allocation 2,348.5
24 Fund of Funds Balanced 2,280.4
25 Bonds USD Corp. Inv. Grade 2,089.4
REST -128,218.0
TOTAL 18,216.2
-15,000
-10,000
-5,000
0
5,000
10,000
15,000
20,000
Asset Alloc
Alt
MM Euro Eq Alt MM GBP Bnd Gl
Corp
Bnd USD
Corp HY
MM USD Eq Europe Eq Japan Bnd Flex
Note: Includes funds of funds.

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Eq Europe
Eq UK
Eq Global
Eq UK IncEq Euroland
Asset Alloc Alt
Real Est
Eq Japan Asset AllocEq Europe Ex UK
Derivatives
Eq Alt
Bnd Flex
Conv Bnd & Ops
Mix Dyn
Eq Switz
Bnd Eur Sh-T
Bnd USD
Bnd USD Corp HY Bnd Gl Corp
Commod
Bnd Em Mkt
Eq Em Mkt
Bnd Eur
-35,000
-30,000
-25,000
-20,000
-15,000
-10,000
-5,000
0
5,000
10,000
-15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000
Sales contribution (€m)
Performancecontribution(€m)
FIGURE 9 SECTOR POSITIONING BY SALES AND PERFORMANCE CONTRIBUTION TO
ASSET GROWTH YTD 2016 (€M)
Note: Excludes money market funds and funds launched/merged in 2016

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RANK MASTER GROUP NAT # FUNDS ENS YTD 2016
1 Nordea SE 250 10,096.9
2 Aviva GB 162 6,420.0
3 BlackRock US 504 6,179.8
4 Cr Suisse CH 347 5,096.7
5 Intesa SP IT 529 4,779.4
6 State Street US 183 4,399.9
7 VR/Union DE 426 3,973.0
8 Vanguard US 60 3,760.6
9 KBC BE 951 3,541.5
10 ORIX / Robeco JP 85 3,449.9
11 Pictet CH 126 2,614.9
12 Northern Trust US 24 2,578.0
13 MMC/Mercer US 49 2,292.0
14 Legal & General GB 72 2,209.8
15 Fundsmith GB 2 2,018.4
16 Bridgewater US 3 1,957.6
17 Aegon NL 74 1,855.3
18 Flossbach von Storch AG DE 15 1,663.7
19 Winton Capital GB 6 1,585.4
20 New York Life / Candriam US 149 1,518.3
21 Old Mutual ZA 121 1,471.5
22 Algebris GB 4 1,446.2
23 Den Norske NO 61 1,252.5
24 Swiss Life CH 56 1,212.6
25 Dimensional US 25 1,156.4
TOP 25 4,284 78,530.3
REST 23,816 -89,630.6
TOTAL 28,100 -11,100.3
FIGURE 10 TOP EUROPEAN MASTER GROUPS BY SALES YTD 2016 (€M)
PAN-EUROPEAN MASTER GROUPS SALES
Note: Excludes money market funds.
FIGURE 11 MARKET SHARE OF LEADING MASTER GROUPS BY SALES YTD 2016 (€M)
-120,000
-100,000
-80,000
-60,000
-40,000
-20,000
0
20,000
40,000
Top 5 6-15 16-25 26-35 Rest

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FIGURE 12 TOP 25 FUNDS BY ESTIMATED NET SALES YTD 2016 (€M)
PAN-EUROPEAN FUND LEADERS SALES
RANK MASTER GROUP NAT FUND NAME DOMICILE LAUNCH DATE TYPE ENS YTD 2016
1 Nordea SE Nordea 1 - Stable Return LU Nov-05 Mix 6,135.6
2 JP Morgan US JPMorganInvestmentFunds-GlobalMacroOpportunities LU Feb-99 Mix 4,614.3
3 State Street US State Street ACS North America Index Equity UK Mar-16 Eq 3,035.2
4 Cr Suisse CH CS Nova (Lux) Fixed Maturity Bond Fund 2019 LU Apr-16 Bnd 2,932.9
5 Fundsmith GB Fundsmith Equity UK Nov-10 Eq 2,007.6
6 Intesa SP IT Eurizon EasyFund - Treasury EUR T1 LU Mar-15 Bnd 1,970.1
7 PIMCO US PIMCO GIS Income IE Nov-12 Bnd 1,950.3
8 Carmignac FR Carmignac Sécurité FR Apr-95 Bnd 1,922.4
9 Old Mutual ZA Old Mutual Global Equity Absolute Return IE May-14 Eq 1,917.6
10 Invesco US Invesco Global Targeted Returns Fund LU Dec-13 Mix 1,902.6
11 Bridgewater US Bridgewater Pure Alpha Strategy 18% Volatility BVI Dec-91 Hdge 1,891.0
12 Aegon NL AEAM Dutch Mortgage NL Aug-13 Bnd 1,777.7
13 AXA /AB FR AllianceBernstein - American Income Portfolio LU Jul-93 Bnd 1,765.3
14 Invesco US Invesco Perpetual Global Targeted Returns UK Sep-13 Mix 1,660.5
15 Algebris GB Algebris Financial Credit IE Sep-12 Bnd 1,502.6
16 Deutsche AM DE DWS Top Dividende DE Apr-03 Eq 1,450.8
17 Aviva GB AvivaInvestors-EmergingMarketsLocalCurrencyBond LU Nov-06 Bnd 1,424.1
18 BlackRock US iShares Core S&P 500 UCITS ETF (USD) IE May-10 Eq 1,379.1
19 Aviva GB Aviva Investors Multi-Strategy Target Return UK Jul-14 Mix 1,379.0
20 BlackRock US iShares Euro Corporate Bond Large Cap UCITS ETF IE Mar-03 Bnd 1,374.7
21 Henderson GB Henderson Institutional Short Duration Bond UK Nov-15 Bnd 1,356.5
22 Henderson GB HendersonGartmoreSICAVUnitedKingdomAbsoluteReturn LU Mar-05 Eq 1,349.4
23 Amundi FR Amundi Funds Absolute Volatility Euro Equities LU Nov-06 Eq 1,330.2
24 VR/Union DE PrivatFonds: Kontrolliert DE Jul-10 Mix 1,318.2
25 Natixis FR DNCA Invest - Miuri LU Dec-11 Eq 1,272.6
TOTAL TOP 25 50,620.2
REST -61,720.5
TOTAL -11,100.3
FIGURE 13 MARKET SHARE OF BEST SELLING 25 FUNDS (€M)
-80,000
-60,000
-40,000
-20,000
0
20,000
40,000
Top 5 6-15 16-25 26-35 Rest

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PRODUCT THEMES
FIGURE 14
FIGURE 15
TOP 10 MASTER GROUPS BY SALES YTD 2016 (€M)
TOP 10 FUNDS BY SALES YTD 2016 (€M)
RANK MASTER GROUPS NAT ASSETS JUNE 2016 ENS YTD 2016
1 BlackRock US 220,599.4 9,530.0
2 State Street US 16,586.1 1,291.0
3 Vanguard US 18,399.9 828.6
4 Deutsche Börse DE 3,124.0 796.2
5 Swisscanto CH 6,993.9 414.8
6 Amundi FR 19,471.7 407.7
7 Deka DE 7,036.1 345.7
8 UBS CH 24,515.3 239.1
9 Commerzbank DE 7,280.8 220.6
10 Morgan Stanley US 385.8 214.4
TOTAL TOP 10 324,393.1 14,288.1
TOTAL 460,398.5 12,004.6
RANK MASTER GROUPS FUND NAME ENS YTD 2016
1 BlackRock iShares Core S&P 500 UCITS ETF (USD) 1,379.1
2 BlackRock iShares Euro Corporate Bond Large Cap UCITS ETF 1,374.7
3 BlackRock iShares S&P 500 Minimum Volatility UCITS ETF 1,123.7
4 BlackRock iShares Euro High Yield Corporate Bond UCITS ETF 1,070.8
5 BlackRock iShares Physical Gold ETC 1,056.8
6 BlackRock iShares Core MSCI World UCITS ETF 1,035.5
7 BlackRock iShares $ Corporate Bond UCITS ETF 1,030.0
8 BlackRock iShares Core MSCI Emerging Markets IMI UCITS ETF 990.1
9 Amundi AmundiETFMSCIEmergingMarketsUCITSETF 829.6
10 Deutsche Börse Xetra-Gold 796.2
TOTAL TOP 10 10,686.5
TOTAL 12,004.6
EXCHANGE TRADED FUNDS

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1 State Street State Street ACS North America Index Equity 3,035.2
2 Vanguard Vanguard Emerging Markets Stock Index 853.5
3 Den Norske DNB Global Indeks 612.7
4 Vanguard Vanguard FTSE Developed World II Common Contractual 580.7
5 Royal London Royal London FTSE 350 Tracker Trust 501.4
6 Vanguard Vanguard Global Bond Index 492.7
7 Cr Suisse CSIF Switzerland Total Market Index Blue 489.9
8 BlackRock BlackRock Emerging Markets Government Bond Index 422.9
9 Vanguard VanguardUSGovernmentBondIndex 422.4
10 Northern Trust Northern Trust World Custom ESG Equity Index 420.0
TOTAL TOP 10 7,831.4
TOTAL 18,217.4
PRODUCT THEMES
FIGURE 16
FIGURE 17
1 State Street US 30,675.9 4,138.1
2 Vanguard US 68,663.6 3,169.3
3 UBS CH 59,766.4 2,783.9
4 Northern Trust US 8,360.6 2,388.6
5 Cr Suisse CH 57,545.6 2,118.9
6 Swisscanto CH 26,970.2 1,259.6
7 Legal & General GB 23,398.5 1,000.2
8 Den Norske NO 1,591.0 786.6
9 MMC/Mercer US 4,632.3 582.8
10 KutxaBank ES 1,247.3 391.0
TOTAL TOP 10 282,851.2 18,619.0
TOTAL 542,520.7 18,217.4
INDEX TRACKING FUNDS

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Active
80%
ETFs
6%Index
Tracking
14%
Active
84%
index
11%
ETFs
5%
PRODUCT THEMES
FIGURE 18 MARKET SHARE OF PASSIVE FUNDS BY ASSETS
ACTIVE VS. PASSIVE
FIGURE 19 HISTORICAL NET SALES (€M)
-100,000
-50,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2013 2014 2015 2016 YTD
Active Index Tracking ETFs
AS OF JUNE 2016AS OF JUNE 2013

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1 Old Mutual Old Mutual Global Equity Absolute Return 1,917.6
2 Henderson Henderson Gartmore SICAV United Kingdom Absolute Return 1,349.4
3 Amundi Amundi Funds Absolute Volatility Euro Equities 1,330.2
4 Natixis DNCA Invest - Miuri 1,272.6
5 Schroders Schroder ISF-European Alpha Absolute Return 877.8
6 Henderson Henderson UK Absolute Return 743.7
7 Nordea Nordea 1 - Stable Equity Long/Short 644.5
8 Innocap InRIS UCITS PLC-R Parus 592.7
9 UBS UBSEquityOpportunityLongShort 563.4
10 BNP Paribas THEAM Quant - Equity Europe Income Defensive 522.8
TOTAL TOP 1O 9,814.7
TOTAL 11,530.1
PRODUCT THEMES
FIGURE 20
FIGURE 21
1 Old Mutual ZA 7,204.5 2,123.0
2 Henderson GB 6,329.8 2,041.1
3 Amundi FR 3,465.0 1,726.4
4 Natixis FR 3,261.6 1,386.7
5 Exane FR 3,596.4 848.0
6 BNP Paribas FR 1,426.0 658.8
7 Nordea SE 1,491.6 644.5
8 Deutsche AM DE 2,140.9 589.1
9 Schroders GB 3,481.2 556.8
10 Innocap CA 1,160.2 545.1
TOTAL TOP 1O 33,557.3 11,119.6
TOTAL 100,405.0 11,530.1
EQUITIES ALTERNATIVE

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PRODUCT THEMES
FIGURE 22
FIGURE 23
1 BlackRock US 9,724.5 1,177.5
2 PIMCO US 13,615.7 1,032.5
3 JP Morgan US 4,635.1 968.9
4 Pioneer IT 1,222.3 735.8
5 UBS CH 2,255.2 699.9
6 Legal & General GB 2,830.9 580.3
7 Den Norske NO 2,095.3 550.6
8 KBC BE 1,391.6 491.7
9 Schroders GB 2,466.3 424.5
10 Azimut IT 2,242.8 402.7
TOTAL TOP 1O 42,479.7 7,064.5
TOTAL 88,244.9 8,600.3
1 JP Morgan JPMorgan Funds - Global Corporate Bond 976.3
2 PIMCO PIMCO GIS Global Investment Grade Credit 888.1
3 Pioneer Pioneer Funds - Global Subordinated Bond 706.8
4 Legal & General LGIM Global Corporate Bond 580.3
5 Den Norske DnB Global Credit 550.6
6 BlackRock iShares Global Corporate Bond EUR Hedged UCITS ETF 521.8
7 BlackRock BlackRock Global Funds - Global Corporate Bond 413.1
8 Storebrand Storebrand Global Kreditt IG 362.6
9 KBC KBCBondsStrategicCorporateBonds 359.2
10 Schroders Schroder Advanced Beta Global Corporate Bond 341.0
TOTAL TOP 1O 5,699.7
TOTAL 8,600.3
BONDS GLOBAL CORPORATES

16
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Next 10
sectors
34%
16-25
sectors
15%
Top 5
sectors
36%
Rest
15%
RANK FUND SECTOR # FUNDS ENS YTD 2016
1 Fund of Funds Bonds 6 5,214.4
2 Asset Allocation Alternative 50 4,717.5
3 Target Maturity Other 14 4,509.6
4 Bonds Global Currencies 29 4,471.2
5 Asset Allocation 77 4,217.3
6 Fund of Funds Asset Allocation 72 3,186.7
7 Equities North America 15 2,926.8
8 Target Maturity Euroland 18 2,609.8
9 Guaranteed Fund 20 2,416.1
10 Short Term Dynamic 1 2,153.2
11 Protected Fund 49 2,153.1
12 Mixed Assets Balanced 27 1,916.8
13 Equities Global 46 1,716.5
14 Derivatives 10 1,584.0
15 Life Cycle 11 1,394.4
16 Bonds Global Corporates 11 1,256.9
17 Equities Alternative 33 1,252.7
18 Asset-backed Securities 4 1,248.0
19 Mixed Assets Conservative 21 1,234.5
20 Bonds Emerging Markets 7 891.3
21 Equities Emerging Markets 13 867.2
22 Bonds EUR 18 831.9
23 Equities Europe 34 785.8
24 Bonds Global High Yield 9 685.7
25 Bonds Flexible 10 652.2
TOP 25 605 54,893.8
TOTAL 970 64,585.2
PRODUCT DEVELOPMENT
FIGURE 24
FIGURE 25
TOP 25 SECTORS OF NEW FUNDS YTD 2016 (€M)
MARKET SHARE OF LEADING SECTORS OF NEW FUNDS
NEW FUNDS BY SECTOR

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CROSS-BORDER PROGRESS
FIGURE 26 TOP 25 INTERNATIONAL GROUPS BY SALES YTD 2016 (€M)
RANK MASTER GROUP NAT # FUNDS ASSETS JUNE 2016 ENS YTD 2016
1 Nordea SE 91 62,551.8 10,288.1
2 BlackRock US 423 406,268.7 6,107.3
3 Aviva GB 29 17,479.0 5,164.3
4 ORIX / Robeco JP 66 43,383.0 3,311.7
5 Vanguard US 49 74,076.1 3,218.9
6 Cr Suisse CH 119 20,314.1 3,050.4
7 KBC BE 80 16,572.2 2,510.2
8 Old Mutual ZA 40 11,636.3 2,416.0
9 Pictet CH 92 58,875.5 2,350.8
10 MMC/Mercer US 49 25,128.1 2,292.0
11 Bridgewater US 3 38,563.6 1,957.6
12 Northern Trust US 16 5,783.8 1,682.1
13 Winton Capital GB 6 31,937.1 1,585.4
14 New York Life / Candriam US 93 22,175.9 1,540.5
15 Algebris GB 4 2,507.4 1,446.2
16 State Street US 150 39,142.0 1,073.9
17 Dimensional US 18 9,550.8 988.8
18 Innocap CA 6 2,149.6 988.0
19 T Rowe Price US 37 10,198.7 955.6
20 Muzinich US 14 14,286.0 884.0
21 Carmignac FR 20 45,515.1 877.6
22 AQR Capital US 10 3,627.5 815.3
23 BMO CA 44 7,554.1 808.1
24 Jupiter GB 19 10,985.0 656.0
25 ABN AMRO NL 10 840.4 642.5
TOP 25 1,488 981,101.5 57,611.4
REST 8,248 2,343,205.5 -74,906.4
TOTAL 9,736 3,324,306.9 -17,295.0
GROUP WINNERS
FIGURE 27 MARKET SHARE OF LEADING MASTER GROUPS BY SALES (€M)
-100,000
-80,000
-60,000
-40,000
-20,000
0
20,000
40,000
Top 5 6-15 16-25 26-35 Rest

For more information please contact us at
BSTN-Sales@broadridge.com or phone
us at +1 617 960 2598 (North America)
or +44 207 551 3287 (UK, Europe and Asia).
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with Broadridge Global Market Intelligence. Increased
visibility into total net assets for more than 80,000 global
portfolios, to include 11,000 cross border funds. Our leading
FundFile and SalesWatch products provide a unique picture
into domestic and cross border sales by country.
FundFile - global sales and
asset data across 80,000
global fund portfolios
SalesWatch - cross border
sales and assets across
Europe and Asia
Mutual Funds and ETFs by
distribution channel in the
United States
Performance and expense data
for global funds
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in Global Markets?
© 2016 Broadridge Financial Solutions, Inc., Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions, Inc.

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-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
8,000
AU BE FR DEU IT NL SP SWE CH UK
Domestic Foreign
FIGURE 28 NET SALES OF FOREIGN GROUPS BY MARKET IN H1 2016 - ALL FUNDS (€M)
Italy
Netherlands
Spain
Sweden
Switzerland
United Kingdom
-16,000
-14,000
-12,000
-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
Domestic Foreign
FIGURE 29 NET SALES OF FOREIGN GROUPS BY MARKET IN H1 2016 - EQUITY ONLY (€M)
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
Domestic Foreign
FIGURE 30 NET SALES OF FOREIGN GROUPS BY MARKET IN H1 2016 - BOND ONLY (€M)
Note: Excludes money market funds & ETFs
1. Foreign activity is actual sales as measured by the Broadridge SalesWatch Confidential Service.
2. The 58 members are estimated to account for 75-80% of the total crossborder sales activity.
FOREIGN SHARE OF SALES IN EUROPE

19
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FIGURE 31 TOP 5 DOMESTIC AND FOREIGN SECTORS IN THE MAJOR MARKETS
Note: Excludes money market funds & ETFs
FRANCE
DOMESTIC ENS H1 2016 FOREIGN REAL SALES H1 2016
1 Equities Alternative 1,713.0 Asset Allocation Confidential
2 Protected Fund 1,409.5 Asset Allocation Alternative
3 Bonds Global Currencies 479.9 Asset-backed Securities
4 Fund of Funds Equities Emerging Markets 448.6 Bonds Alternative
5 Target Maturity Other 354.0 Bonds Asian Currencies
GERMANY
1 Real Estate 3,098.8 Bonds EUR Confidential
2 Asset Allocation Alternative 2,379.6 Fund of Funds Balanced
3 Bonds EUR 2,160.6 Bonds USD
4 Fund of Funds Balanced 1,397.0 Mixed Assets Income
5 Mixed Assets Conservative 1,231.0 Asset Allocation Alternative
ITALY
1 Bonds Global Currencies 3,115.0 Asset Allocation Confidential
2 Mixed Assets Conservative 1,493.7 Asset Allocation Alternative
3 Asset Allocation 1,298.4 Equities Alternative
4 Life Cycle 1,161.5 Bonds EUR Short-Term
5 Bonds Emerging Markets 845.4 Bonds Global Corporates
SWITZERLAND
1 Bonds CHF 1,410.3 Asset Allocation Confidential
2 Equities Switzerland 1,242.4 Asset-backed Securities
3 Equities North America 1,044.0 Bonds Global Corporates
4 Bonds Emerging Markets 875.2 Target Maturity Other
5 Bonds Global Corporates 874.8 Bonds EUR Corp. Inv. Grade
UNITED KINGDOM
1 Asset Allocation Alternative 5,403.6 Bonds Global Corporates Confidential
2 Equities North America 2,515.1 Bonds EUR Short-Term
3 Bonds Global Currencies 1,128.3 Equities Alternative
4 Equities Alternative 1,121.8 Bonds Emerging Markets - Local Currency
5 Bonds Inflation Linked 765.8 Asset Allocation Alternative
DOMESTIC VS. FOREIGN SECTORS

20
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FOOTNOTES
1. All data is at June 2016 unless otherwise stated.
2. ‘International’ fund market. Broadridge defines an International fund as a fund
that sources less than 80% of its assets from any single country. Some fund groups
have domestic and international funds.
3. ‘Domestic’ fund market. If a fund sources more than 80% of its assets from a single
country then the fund is allocated to that market regardless of its domicile.
4. Funds of funds have been excluded from all charts and tables (to avoid double-
counting) unless otherwise stated. Therefore a market total is the sum of all the
investment categories excluding the three funds of funds categories
(in-house, ex-house and hedge).
5. The investment category ‘other’ includes a variety of different product categories.
For most markets, especially Belgium, Spain and France, the figure comprises
guaranteed funds, but there are also derivatives and other speciality funds in the
‘other’ category.
6. Property funds are open-ended property funds only.
7. Master group. Analysis that aggregates the European mutual fund assets under the
umbrella of their parent company name. ENS stands for estimated net sales.
8. ETFs are included in broadridge’s database on mutual funds, but this excludes
exchange-traded commodity products that are not mutual funds.
9. References to foreign activity relate to actual sales as measured by Broadridge’s
SalesWatch confidential service. The 58 SalesWatch members are estimated to
account for 75-80% of total cross-border sales activity.
The following report is based on the unique fund flows information delivered through
Broadridge FundFile, our leading global fund flows database. The charts and tables in
this report reflect only the tip of the iceberg in terms of the depth and breadth available
from Broadridge FundFile. The report offers a high-level overview of European fund
flow activity for 2016 year to date.
Broadridge FundFile enables deep fund flows analysis of all key geographical markets,
covering Asia Pacific, Latin America, the Middle East and Africa, and the U.S., and
delivers a truly global fund flows solution. By gradually building the international reach
of its global sales data and maintaining its high quality and ease of use over the past
ten years, FundFile has become the unparalleled source of data and analysis, with
information on more than 100,000 funds.
The cross-border dimension of the European funds industry–the “international” fund
market–can truly be assessed only with Broadridge SalesWatch, a unique cooperative
and confidential benchmarking service that allows leading fund groups to track their
cross-border sales and assets against their competitors’ by country, distribution
channel, institutional versus retail activity, and both gross and net sales. This service
now counts 58 of the leading asset managers among its members. (Some sample data
taken from the tool can be seen on pages 18 and 19 of the current report).
ABOUT THE REPORT

For more information please contact us at
BSTN-Sales@broadridge.com or phone
us at +1 617 960 2598 (North America)
or +44 207 551 3287 (UK, Europe and Asia).
As product line-ups, fund structures,
Investor bases and geographies expand, the
complexities of fee calculations increase.
Broadridge’s services and solutions help organisations with
the calculations of dynamic and complex fee schedules. Our
automated end to end solution reduces revenue loss, fee leakage
and improves revenue forecasts; providing clients the access,
visibility and control they need to operate with confidence.
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and contracts
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management strategies
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allocations and cash flow
Increased profitability and
performance
Gain Transparency into Expenses,
Allocations and Cash Flow
© 2016 Broadridge Financial Solutions, Inc., Broadridge and the Broadridge logo are registered trademarks of Broadridge Financial Solutions, Inc.

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