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...A BlackRock ETF run by the manager’s CIO of global fixed income, Rick Rieder, has led active fixed income ETFs in flows so far this year, garnering more than $2bn....
...But fixed income ETF flows fell from €14.1bn in the last quarter of 2023 to €8.8bn of net inflows in the first quarter of 2024....
...Fixed income funds reported inflows of $42bn and equity funds received $18bn, for total long-term flows of $76bn....
...He added that DWS planned to add more funds to its fixed-maturity bond ETF offering over time....
...Exchange traded fund investors pumped record sums into fixed income and “quality” stocks last year as risk appetite jumped in the final months of 2023....
...“Cash and short-term fixed income are more attractive, structured products are coming back, and income products are more valuable.”...
...Rico....
...“We are truly in an unmoored environment for government debt compared with previous centuries,” said Robert Tipp, head of global bonds at PGIM Fixed Income....
...In the past decade, the company rolled out four BlackRock-branded fixed income SMAs and four equity SMAs, according to data from the company’s website....
...For our third Friday interview, we talked with Rick Rieder, head of fixed income at BlackRock, probably the most important bond investor in the world. He is responsible for some $2.4tn in assets....
...Traditional equity and fixed-income managers have been hit hard as investors cut their risk exposure and opt to sit in money market funds whose yields have been pumped up by rising interest rates....
...November’s outsized inflows more than reversed the cumulative $8.7bn of outflows from high-yield fixed income ETFs that occurred between August and October....
...The plastic credits feature “totally changes the underlying economics” for the bond, said Tongai Kunorubwe, head of environmental, social and governance on T Rowe Price’s fixed income team....
...Non-sovereign fixed-income sales have picked up again this year and are approaching the $6tn mark, according to S&P Global....
...The exclusions will also apply to fixed income funds, potentially precipitating a sell-off in the bonds of energy companies....
...The $1tn infrastructure sector has benefited bolstered by a flood of money into private capital from institutional investors seeking long-term assets yielding more than traditional fixed income....
...In fact, our analysis suggests that equity returns have typically struggled following peaks in concentration, with non-megacap equities and core fixed income typically outperforming....
...BlackRock has launched a suite of Ucits iBond ETFs, giving European investors easy access to fixed-income exchange traded funds that mature on a fixed date, just like their underlying portfolios of bonds...
...Investors have flocked to money market funds to take advantage of rising interest rates — pushing the total in US MMFs above $5tn — but BlackRock said much of that horde was poised to shift into fixed income...
...“No one disagrees on the value of clean water,” Samy Muaddi, T Rowe Price’s head of emerging market fixed income investing, told me....
...While inflation-linked bond funds have admittedly failed to attract much interest, fixed-income exchange traded funds in aggregate took in €15.9bn in the second quarter, up slightly from €15.1bn in the first...
...This was reflected in the two most popular fixed income ETFs in October, the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and the iShares 20+ Year Treasury Bond ETF (TLT), which attracted $6bn and $2.9bn respectively...
...Here’s a chart looking at the waning outperformance of all 39 different categories that S&P DJI tracks — across both equities and fixed income....
...In percentage terms, c.35% of fund launches YTD have been ESG funds versus c.45% in both 2021 and 2022 making the decline in ESG fund launches versus all equity and fixed income funds in aggregate less stark...
...In May, BlackRock unveiled a Flexible Income ETF (BINC) managed by Rick Rieder, CIO of global fixed income, and a Large Cap Value ETF (BLCV) steered by Tony DeSpirito, global CIO of fundamental equities....
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