Investment Funds | Reports · 2016-11-19 · Investment Funds | Reports Year VI - #61 - July/2016 Accumulated Net Sales (R$ billion) Sales (R$ billion) Redemptions (R$ billion) Net

Investment Funds | Reports

Year VI - #61 - July/2016

Accumulated Net Sales (R$ billion)

Sales (R$ billion)

Redemptions (R$ billion)

Net Sales as % of AuM *

Jun/16 % Chg. - M Dec/15 % Chg. - Year Jun/15% Chg. -

12M

Number of Funds 14.536 -0,01 14.493 0,30 14.319 1,52

Investment Funds 9.143 -0,01 9.048 1,05 8.556 6,86

Funds of Funds 5.393 -0,02 5.445 -0,96 5.763 -6,42

Net Balance (beginning - end) 22 5 17

Number of Accounts 11,6 -1,83 11,7 -0,85 11,8 -1,63

Investment Funds 2,1 -5,28 2,1 -1,59 2,1 0,76

Funds of Funds 9,5 -1,04 9,6 -0,69 9,7 -2,13

Number of Administrators 102 103 104

Number of Managers 550 550 541

* Net sales as % of AuM is calculated using AuM on the last business day of the previous period.

** Off-Shore figures as of may//2014

1

The Fund Industry in Numbers - June/2016

Domestic Market

Month Year 12M

-5,3 38,1 16,3

340,0 2.078,6 4.244,7

345,3 2.040,5 4.228,4

-0,17 1,29 0,58

11,85

Off - Shore **

Assets under Management (R$ billion) 28,5 45,2 -36,96 49,6 -42,5

Assets under Management (R$ billion) 3.158,1 0,62 2.949,0 7,09 2.823,5

-8,09

Industry Total

Assets under Management (R$ billion) 3.186,6 0,62 2.994,2 6,43 2.873,1 10,91

Number of Funds 125 133 -6,02 136

1,43Number of Funds 14.661 -0,01 14.626 0,24 14.455

Equity funds resume substantial appreciation

In June, equity and longer duration fixed income assets

resumed significant appreciation, reflected in the 6.3%

increase in the Ibovespa and the 1.81% upturn in the IMA-

General, while the dollar fell back by 10.72%. Given this

scenario, the Equity funds recorded the highest returns of

the industry, led by the Sector type, with monthly and year-

to-date returns of 14.45% and 33.72%, respectively. In the

last 12 months, however, the Ibovespa still recorded a 2.9%

loss, a period in which the Free Portfolio type, with the

highest AuM among the open-ended equity funds,

appreciated by 6.08%, the highest of its class.

In the Fixed Income segment, the Long Duration Sovereign

type, which invests solely in federal government bonds,

headed the monthly and year-to-date rankings, with

respective returns of 1.91% and 14.24%, fueled by the

substantial upturn of the longer duration assets. In the

Balanced/Mixed class, it is particularly worth mentioning the

Long and Short Neutral type, with limited exposure to the

stock market, which generated returns of 2.02% in June and

11.77% in the first six months, and the Macro funds, which

moved up by 1.90% and 8.83%, respectively, in the same

periods.

This healthy performance was not, however, reflected in net

sales, which were negative for the second consecutive

month. Monthly net redemptions of 5.3 bln reais were

influenced by the Fixed Income class, whose net outflow of

12.7 bln reais was concentrated in a few funds, but partially

offset by net inflow to the Pension Fund (6.2 bln reais) and

Balanced/Mixed (3.2 bln reais) classes. In the year through

June, the industry recorded net sales of 38.1 bln reais,

29.5% more than in the same period last year, led by the

Fixed Income and Pension funds.

Highlight of the Month

Despite the month’s net redemptions, the Fixed

Income class led the year-to-date rankings, with net

sales of 20.7 bln reais. If we look at the allocation of

these resources by strategy, however, we can see

that sales were concentrated in the Short Duration

type (26.8 bln reais), which seeks to minimize

oscillations in returns caused by changes in future

interest rates. The Free Duration and Long Duration

funds, even though they generated higher returns,

recorded net redemptions of 11.8 bln reais and 1.1

bln reais, respectively, reflecting investor

conservatism in a period of greater uncertainty.


2

AuM and Net Sales (Industry View)

Accumulated Net Sales until june - BRL bln

-30

-10

10

30

50

70

90

110

130

2012 2013 2014 2015 2016

1.000

1.200

1.400

1.600

1.800

2.000

2.200

2.400

2.600

2.800

3.000

3.200

0

10

20

30

40

50

60

70

80

90

100

110

2012 2013 2014 2015 Until june

Ass

ets

un

de

r M

an

ag

em

en

t (B

RL

bln

)

Ne

t Sa

les

(BR

L b

ln)

Fund Industry - Domestic Market

-20

-15

-10

-5

0

5

10

15

20

25

30

Ne

t Sa

les

(BR

L b

ln)

Fund Industry - Domestic Market


AuM Sales Redemptions Net SalesNet Sales %

of AuMSales Redemptions Net Sales

Net Sales %

of AuM

Fixed Income 1.540,4 282,1 294,8 -12,7 -0,83 1.726,5 1.705,8 20,7 1,47

Equity 148,9 1,5 2,1 -0,6 -0,42 10,8 16,9 -6,1 -4,33

Balanced/Mixed 613,9 28,3 25,1 3,2 0,52 167,1 164,3 2,8 0,47

Foreign Exchange 4,5 0,5 0,4 0,1 2,34 3,2 4,0 -0,8 -12,88

Pension Funds 547,0 16,6 10,3 6,2 1,16 84,4 63,9 20,5 4,18

ETF 3,5 0,0 0,4 -0,4 -10,44 1,5 1,5 0,1 2,48

Sub Total 2.858,2 328,9 333,0 -4,1 -0,14 1.993,4 1.956,3 37,2 1,38

Credit Receivables 71,1 10,6 12,2 -1,6 -2,21 78,4 83,3 -4,8 -6,49

Real Estate 169,8 0,5 0,1 0,4 0,25 6,7 1,0 5,7 3,35

Private Equity 58,9 - - - - - - - -

Sub Total 299,8 11,1 12,3 -1,2 -0,39 85,2 84,3 0,9 0,29

Domestic Total 3.158,1 340,0 345,3 -5,3 -0,17 2.078,6 2.040,5 38,1 1,29

Off Shore 28,5 - - - - - - - -

Industry Total 3.186,6 340,0 345,3 -5,3 2.078,6 2.040,5 38,1

3

Net Sales by Category in the June - BRL bln Net Sales by Category in the Year Through June - BRL bln

AuM and Net Sales by Category

Net Sales - BRL bln

ANBIMA Category

June Year to june

Note: Information subject to updating. Chart with revised monthly and yeart-to-date amounts available at www.anbima.com.br.

* For dates prior to October, The ANBIMA Classification of Fixed Income considers both categories, DI Benchmark and Money Market.

** Credit receivables and Private Equity.

46,3 45,4 46,4 47,1 48,3

8,9 8,4 6,6 4,7 4,7

21,0 20,6 19,8 19,8 19,3

12,9 13,4 14,9 16,4 17,2

7,9 9,6 10,0 10,2 9,42,84 2,42 2,12 1,51 0,89

1,0

1,2

1,4

1,6

1,8

2,0

2,2

2,4

2,6

2,8

3,0

3,2

0

10

20

30

40

50

60

70

80

90

100

Dec/11 Dec/12 Dec/13 Dec/14 Jun/15

Evo

lutio

n of

AuM

-B

RL

tln

Dis

trib

utio

n of

AuM

(%

)

Distribution of AuM by Category (%)

Fixed Income * Equity Balanced/Mixed

Foreign Exchange Pension Funds ETF

Structured Funds** Offshore Evolution of AUM

-15

-10

-5

0

5

10

jun/15 jun/16

Fixed Income * Equity Balanced/Mixed Foreign Exchange Pension Funds ETF Structured Funds**

-20

-10

0

10

20

30

2015 2016

Fixed Income * Equity Balanced/Mixed Foreign Exchange Pension Funds ETF Structured Funds**

* For dates prior to October, The ANBIMA Classification of Fixed Income considers both categories, DI Benchmark

and Money Market.

** Credit receivables, Real Estate and Private Equity.


ANBIMA Category Institutional (1)

Corporate (2) Private Retail

(3)Government

(4) Foreign Others Total

Fixed Income 391,2 291,0 119,2 450,4 263,4 3,4 16,4 1.535,0

Equity 81,9 1,1 36,4 13,3 3,1 0,6 7,2 143,6

Balanced/Mixed 181,8 72,8 245,1 33,0 11,2 26,4 43,2 613,5

Foreign Exchange 0,1 2,0 1,2 1,6 0,0 0,0 0,0 4,9

Pension Funds 533,1 0,0 0,0 0,5 0,0 0,0 0,1 533,8

ETF 1,0 0,0 0,0 0,2 0,0 0,0 2,4 3,7

Sub Total 1.189,1 366,9 401,9 499,1 277,7 30,4 69,4 2.834,5

Credit Receivables 16,1 40,2 6,3 2,5 1,9 3,5 2,7 73,2

Real Estate 33,1 21,7 37,0 3,1 2,0 66,3 8,8 171,9

Private Equity 3,6 9,4 12,1 8,1 0,9 1,6 23,3 58,9

Sub Total 52,8 71,2 55,4 13,8 4,7 71,3 34,7 304,0

Off Shore 0,0 0,0 0,1 0,0 0,0 26,5 1,9 28,5

Total 1.241,9 438,2 457,4 512,9 282,5 128,3 106,0 3.167,1

Obs.: (1) Closed Pension Funds , Open Pension Funds, Insurance Companies, Capitalization, Investment Funds; (2) Corporate and Middle Market ;(3) Retail and Retail High Net Worth; (4) Government and Public Pension Funds

* The figures given are for the stock on the last day of the reporting period

4

Investor Segment

AuM Distribution BRL bln - May/16 *

Distribution of AuM by Investor Segment % Distribution of AuM by Institutional Investors %

38,9 38,8 39,2

14,9 14,1 13,8

15,1 15,0 14,4

15,3 15,8 16,2

8,7 8,2 8,9

7,1 8,1 7,4

0

10

20

30

40

50

60

70

80

90

100

Dec/14 Dec/15 May/15

Institutional (1) Corporate (2) Private

Retail(3) Government (4) Foreign/Others

Distribution of AuM by Investor Segment (%)

39,2%

13,8%14,4%

16,2%

8,9%

7,4%

Institutional (1)

Corporate (2)

Private

Retail (3)

Government (4)

Foreign/Others

16,7%

22,3%

5,7%

44,2%

1,1%

9,9%

Public Pension Funds

Private Pension Funds

Insurance

Open Pension Funds

Capitalization

Investment Funds


Asset May/2016 % Chg. Month Dec/2015 % Chg. Year May/2015 % Chg. 12M

Fixed Income 2.722,9 0,96 2.547,7 6,88 2.424,6 12,30

Repo Operations 719,0 -2,26 696,9 3,17 725,4 -0,88

Federal Govt. Bonds 1.356,5 3,02 1.164,8 16,45 1.049,9 29,20

Private Securities 647,4 0,42 686,0 -5,61 649,3 -0,28

CDB/RDB 71,8 2,92 74,8 -3,92 78,5 -8,48

Financial Bills 321,8 -0,43 323,1 -0,40 292,9 9,87

Collateral Time Deposits

(DPGE)9,5 -9,45 11,0 -13,51 13,7 -30,54

Debentures 82,4 0,95 91,1 -9,57 91,4 -9,88

Commercial Papers 0,3 -28,48 0,8 -65,05 2,5 -88,89

CCB/CCCB 1,7 -6,10 1,8 -8,75 2,6 -36,66

Credit Receivables 40,4 -0,47 43,0 -6,00 41,4 -2,40

Real Estate Sec. 59,4 -0,60 61,3 -3,19 57,0 4,06

Foreign Investments 23,8 5,36 45,6 -47,90 45,1 -47,25

Others 36,4 11,01 33,4 8,97 24,1 51,04

Variable Income 259,3 -2,52 255,3 1,58 301,7 -14,04

Equities 249,1 -3,51 237,9 4,71 296,3 -15,93

Options 3,0 -197,67 21,4 -86,04 2,3 32,34

Others 7,2 -33,89 -4,0 -279,40 3,1 134,13

Total 2.982,2 0,65 2.803,0 6,40 2.726,3 9,39 Source: ANBIMA

Source: ANBIMA

Amount: BRL 2,744.2 bln Amount: BRL 2,422.0 bln Amount: BRL 2,079.9 bln

* The figures given are for the stock on the last day of the reporting period.

** Excludes Repo Transactions. Federal Govt. Bonds, plus the Repo Operations backed by those securities in Investment Funds Portfolio is equivalent to 76% of the outstanding Federal Govt. Bonds

5

AuM and Net Sales by Asset

AuM Distribution by Asset (BRL bln) - May/2016 *

% Retained by Fund Industry in May/16

27%

73%

In Private Securities

Investment Funds Other Holders

49%51%

In Federal Govt. Bonds **


12%

88%

In Equities


Source: ANBIMA and Nat. Treasury. Source ANBIMA and CETIP Source: ANBIMA and BM&FBovespa

21,1 24,2 27,7 24,9 24,1

40,4 36,8 35,2 41,6 45,5

24,3 25,0 25,2 24,5 21,7

14,3 14,0 11,9 9,1 8,7

0

10

20

30

40

50

60

70

80

90

100

Dec/11 Dec/12 Dec/13 Dec/14 May/15

Distribution by Asset (%)

Repos Government Bonds Private Bonds Equites

Returns Investment Funds | Reports

June Year

Fixed Income Simple (1) 1,06 6,38

Fixed Income Short Duration Sovereign (1) 1,16 6,71

Fixed Income Short Duration Investment Grade (1) 1,18 6,77

Fixed Income Mid Duration Investment Grade (1) 1,13 6,80

Fixed Income Long Duration Investment Grade (1) 1,50 9,83

Fixed Income Free Duration Sovereign (1) 1,33 7,88

Fixed Income Free Duration Investment Grade (1) 1,18 7,35

Fixed Income Free Duration Free Credit (1) 1,15 7,00

Equity Index Enhanced (1) 5,17 13,94

Equity - Value / Growth (1) 4,27 15,66

Equity - Small Caps 5,70 13,48

Equity - Dividends 3,10 12,13

Equity - Free Portfolio 4,35 13,00

Foreign Equity Funds (1) -3,36 -5,03

Balanced / Mixed Dynamic (1) 0,75 5,69

Balanced / Mixed Long and Short - Neutral 2,02 11,77

Balanced / Mixed Long and Short - Directional 1,68 7,93

Balanced / Mixed – Macro 1,90 8,83

Balanced / Mixed – Free Portfolio 0,25 5,86

Balanced / Mixed – Currency and Interest 1,20 7,52

Balanced / Mixed – Foreign Investments (1) -3,37 -5,58

Foreign Exchange -10,96 -17,83

June Year

IMA-GENERAL 1,81 12,87

IMA-S 1,16 6,63

IRF-M 2,13 14,36

IMA-B 1,93 16,15

IHFA 1,28 6,53

CDI 1,16 6,72

CDI 30 X 30 1,16 6,72

IBrX 6,48 17,74

IBOVESPA 6,30 18,86

DOLLAR -10,72 -17,80

6

Indicators%

Returns Accumulated Returns (%)

ANBIMA Types%

9,817,9 15,2 19,1 14,1 14,6

4,7 5,5

24,131,6

25,4

40,132,0 28,2

23,1

48,1

34,1

45,0

34,1

51,743,8 39,7

30,6

48,1

0,0

10,0

20,0

30,0

40,0

50,0

60,0

Dynamic Long and Short -

Neutral

Long and Short -

Directional

Macro Free Portfolio Currency and

Interest

Foreign

Investments

Foreign Exchange

Balanced/Mixed and Foreign Exchange

12 months 24 months 36 months

13,3 14,0 14,3 14,3 16,6 15,5 14,4 13,9

27,3 27,4 28,0 28,334,3

30,1 28,4 27,7

40,3 39,7 40,7 41,0

51,344,3 40,6 40,2

0,0

10,0

20,0

30,0

40,0

50,0

60,0

Simple Short Duration

Sovereign

Short Duration

Investment Grade

Medium Duration

Investment Grade

Long Duration

Investment Grade

Free Duration

Sovereign

Free Duration

Investment Grade

Free Duration Free

Credit

Fixed Income


-2,1

4,3 3,21,7

6,1 2,2

-2,9

1,1

-9,5

0,1

8,1

30,7

8,5 9,0

-8,7

9,118,1

44,4

-20,0

-10,0

0,0

10,0

20,0

30,0

40,0

50,0

Active Index Value / Growth Small Caps Dividends Free Portfolio Foreign Equity Funds

Equity


15,914,0 16,5 16,7 15,0

-3,1 -2,9

3,5

29,1 27,5 27,832,3 32,3

-2,7 -3,1

45,740,4 39,8 40,5 41,4 41,4

9,28,6

44,9

-10,0

0,0

10,0

20,0

30,0

40,0

50,0

IMA-GENERAL IMA-S IRF-M IMA-B IHFA IBrX IBOVESPA DOLLAR

Indicators


(1) For types that started after October 1st , the returns of the year, 12 months, 24 months and 36 months were

estimated based on the current sample of funds.


Monthly overview of the fund industry based on data

collected by ANBIMA.

Investment Fund Bulletin

RIO DE JANEIRO: Avenida República do Chile, 230 • 13º andar • CEP 20031-170+ 21 3814 3800

SÃO PAULO: Av. das Nações Unidas, 8501 21º andar • CEP 05425-070+ 11 3471 4200

www.anbima.com.br

Texts • Antônio FilgueiraDatabase and Information Manager • Hudson BessaFinancial Market Research Manager • Enilce MeloTechnical Representation Superintendent Valéria Arêas CoelhoGeneral Superintendent • José Carlos Doherty

President • Robert van Dijk

Vice Presidents • Carlos Ambrósio, Flavio Souza, José Olympio Pereira, Márcio

Hamilton Ferreira, Pedro Lorenzini, Sérgio Cutolo e Valdecyr Gomes

Diretors • Alenir Romanello, Celso Scaramuzza, Felipe Campos, Fernando Rabello, José

Eduardo Laloni, Luiz Chrysostomo, Luiz Fernando Figueiredo, Luiz Sorge, Renato Oliva,

Richard Ziliotto, Saša Markus e Vital Menezes

Executive Committee • José Carlos Doherty, Ana Claudia Leoni, Guilherme Benaderet,

Patrícia Herculano, Valéria Arêas Coelho, Marcelo Billi, Soraya Alves e Eliana Marino

.

Baixe agora!

Aplicativo ANBIMAFundos, índices e notícias. Fácil e rápido.

A decisão na sua mão.

Nova

classificação

de fundos de

investimento

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classificação

de fundos

imobiliários

Comparação

entre dois tipos

de fundos ou de

índices

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gráficos

Investment Funds | Reports · 2016-11-19 · Investment Funds | Reports Year VI - #61 - July/2016 Accumulated Net Sales (R$ billion) Sales (R$ billion) Redemptions (R$ billion) Net

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