EPFR: The Leading Source for
Global Fund Data and
Research
Tracking equity and bond fund flows, cross border capital
flows, country and sector allocations, and company
holdings data from its universe of more than 8,000 Global,
Emerging Markets, US, Europe, Japan and Pacific funds
with more than $4 trillion in assets, including both
offshore and US-registered funds.
Flows Strong into EM Equity and Global/International
Equity;
US Equity Suffers
Emerging Markets: EMEA, Asia ex-Japan equity funds off to a
fast start; EM and Global bond funds enjoying consistently
positive inflows
•Core Data Reports
• Equity / Bond Fund Flows – weekly or
monthly
• Monthly Equity / Bond Fund Country
Weightings
• Monthly Equity Fund Sector Weightings
• Monthly Equity / Bond Fund Country Flows –
fund net buying/selling by country
• Monthly Equity / Bond Fund Holdings Data
• GEM Equity / Bond Fund Performance Data
[New!]
• Assets tracked account for 90% of registered fund assets in Emerging Europe,
Middle East
and Africa (EMEA) and Latin America regions and 80 – 85% of assets in registered
funds in
Asia-Pacific ex-Japan region.
• Includes funds registered in all of the world’s major domiciles: Luxembourg, USA,
Ireland,
Guernsey, Jersey, Cayman, Bahamas, Canada, Switzerland, etc.
• Data is obtained through direct relationships with fund managers and their
administrators
developed over more than a decade
• The database has historical data available back to 1995
Regional/Country
Reports: deriving from
the core data
• Monthly Asia Navigator
• Monthly Latin America Navigator
• Monthly EMEA Navigator
• Monthly Country Navigators
Data Product Overview
Data Product Overview
Fund Flow Reports
Fund Flow Reports
(Equity and Bond)
(Equity and Bond)
• Calculates “Net Flows” (investor contributions /
redemptions) for individual funds and for
various fund
categories
• Net Flows calculations exclude portfolio
performance
and currency fluctuations
• Reports are organized by fund category
• History sheet shows weekly/monthly aggregate
flows
year to date by fund category
• Includes funds registered globally (including US
registered funds) and tracks global investor
flows
rather than just that of US investors
• Monthly data available from 1995 to present;
weekly
history available from October 2000 to present
Fund Flow Reports
Fund Flow Reports
(cont.)
(cont.)
We
ekl
y
Fu
nds
We
ekl
y
Ass
ets
Mon
thly
Fun
ds
Mo
nthl
y
Ass
ets
Equity
Flows
Fund
Catego
ries
#
of
Fu
nds
$
US
billi
ons
# of
Fun
ds
$
US
billi
ons
Global
Emergi
ng
Market
Funds
240
78.
95
326
100.
56
Asia
ex-
Japan
Funds
347
42.
94
539
63.3
2
Latin
Americ
a
Funds
75
6.2
0
105
7.26
EMEA
Funds
111
19.
60
176
23.7
9
Intern
ational
/Global
Funds
1,1
65
318
.44
1,64
6
1,02
0.24
Pacific
Funds
56
7.8
5
93
18.6
0
Japan
Funds
207
31.
03
285
46.0
8
Wester
n
Europe
Funds
675
90.
21
824
139.
22
USA
Funds
2,3
13
801
.79
3,13
9
2,07
9.24
TOTAL
5,1
89
1,3
97.
01
7,13
3
3,4
98.
31
We
ekl
y
Re
por
t
Mo
nthl
y
Re
po
rt
Bond
Flows
Fund
Categ
ories
#
of
Fun
ds
$U
S
billi
ons
# of
Fun
ds
$U
S
billi
ons
Dedic
ated
EM
Bond
Funds
253
26.
07
322
36.
35
Globa
l
Bond
Funds
High
Yield
343
228
101
.58
62.
19
430
305
22
3.0
3
11
3.8
3
TOTA
L
82
4
18
9.8
4
1,0
57
37
3.2
1
Flows into Global/International equity and BRIC equity funds surge in 2004
Country Flows
Country Flows
(Equity & Bond Funds)
(Equity & Bond Funds)
Country Flows
Country Flows
(Cont.)
(Cont.)
•
The data tracks aggregate net buying/selling for
each
region and country
• Aggregate tab shows monthly net buying/selling
by
country and region for all funds combined:
International/Global funds, GEM funds, Asia ex-
Japan,
Latin America, EMEA, Pacific region and Country
funds
• Also includes country flows aggregates for each
fund
category
• Data available from 1995 to present
Equity Fund
Country
Flows Fund
Categories
#
of
Fun
ds
$US
billi
ons
International/
Global
51
114
.47
Global
Emerging
Markets
101
75.
11
Asia ex-Japan
234
49.
47
Latin America
34
6.7
6
Europe/Middl
e East/Africa
78
18.
17
Pacific &
Japan
138
49.
87
TOTAL
63
6
31
3.8
5
Bond Fund Country
Flows Fund
Categories
# of
Funds
$U
S
billi
ons
Dedicated
Emerging Market
Bond Funds
37
10.
66
Regional Funds
13
3.1
9
TOTAL
50
13.
85
Equity funds with $315b in assets were major net buyers of Taiwan,
India, China in 2004;
net sellers of Mexico, Brazil, Indonesia
Equity Fund Country Weightings
Equity Fund Country Weightings
GEM equity funds raise exposure to South Africa, reduce Korea, Thailand, India;
Global/International equity funds increasing Europe, EM while reducing US weightings
Equity Fund Sector Weightings
Equity Fund Sector Weightings
(GICS Level II Industry
(GICS Level II Industry
Groups)
Groups)
• Individual funds grouped by fund category (GEM
Equity,
Global Equity, Asia ex-Japan Equity, Latin
America
Equity, EMEA Equity, Pacific region, Global Equity,
EM
Bond,
Global Bond)
• Average weightings of all individual funds and by
investment manager (with multiple funds)
• History tabs each month show year to date
historical
country, regional and sector weighting
aggregates by
fund category
• Historical data available for Country Weightings
from
1995, for Sector Weightings from 2001
Equity Fund Country
Weighting Fund
Category
# of
Funds
$ US
billions
International/Global
43
111.47
Global Emerging
Markets
100
75.60
Asia ex-Japan
83
18.05
Pacific
25
14.45
Latin America
28
4.31
Emerging
Europe/Middle
East/Africa
53
13.20
TOTAL
332
237.08
Bond Fund Country
Weighting Fund
Category
# of
Funds
$US
billion
s
Global Emerging
Market Bond Funds
39
14.00
Regional Emerging
Market Bond Funds
13
4.59
TOTAL
50
18.59
Equity Fund
Sector
Weightings
Fund Category
# of
Funds
$U
S
billi
ons
Global
Emerging
Markets
58
53.
84
Asia ex-Japan
38
10.
63
Latin America
8
1.1
4
Europe/Middle
East/Africa
10
1.8
8
Country Funds
34
13.
15
TOTAL
148
80.
64
Equity Fund Country/Sector Weightings
Equity Fund Country/Sector Weightings
GEM equity funds add to Banks and Telecom Services,
reduce Materials exposure
• Provides timely, comprehensive peer analysis for USA and offshore domiciled mutual funds. Reports
show data
rankings for YTD, 1-month, 3-month, 6-month, 9-month and 12-month fund performance (returns) and
fund flows for each
time period.
• Reports can be also be customized, for an additional fee, to include specific peer groups, fund domiciles
and currencies
Mo
nthl
y
Rep
ort
Equity Fund
Performanc
e
Fund
Category
#
of
Fun
ds
$
US
mill
ion
s
Global
Emerging
Market
140
664
.67
Asia ex-
Japan
100
264
.90
TOTAL
24
0
929
.57
Mo
nthl
y
Rep
ort
Bond Fund
Performanc
e
Fund
Category
#
of
Fun
ds
$US
mill
ion
s
Dedicated
EM Bond
Funds
40
388
.65
LatAm
Bond Funds
8
37.
50
TOTAL
48
42
6.1
5
Fund Performance and Fund Flow Monitor
Fund Performance and Fund Flow Monitor
Importance of Tracking Fund Country Allocations:
Follow the Smart Money
Source: Heckman Glo
b
al Advisors
EPFR Country Weightings as a Variable in Asset Allocation
Models
Model vs. Benchmark
0
200
400
600
800
1000
1200
Dec-
88
Dec-
89
Dec-
90
Dec-
91
Dec-
92
Dec-
93
Dec-
94
Dec-
95
Dec-
96
Dec-
97
Dec-
98
Dec-
99
Dec-
00
Dec-
01
Dec-
02
Dec-
03
Model Gross
Model Net
Benchmark Net
Benchmark Gross
Return Indices (Dec 88 = 100)
• Outperformance has risen in
recent
years as country factors regain
dominance over sector factors
in
emerging markets
A model portfolio using EPFR
aggregate Country Weightings data
consistently outperforms the MSCI
EMF Index (Jan 1996-Dec. 2003
Clients are global investment banks, brokerages and institutional
Clients are global investment banks, brokerages and institutional
investors.
investors.
Partial list includes:
Partial list includes:
• ABN AMRO
• Nomura Securities
• BNP Paribas
• Bear Stearns
• Samsung Securities
• CLSA Emerging
Markets
• Deutsche Bank
• Goldman Sachs
• Credit Suisse First Boston
• Hyundai Securities • HSBC
• Schroders Investment
• J.P. Morgan Chase • Fidelity Investments
• Merrill Lynch
• Morgan Stanley
• Citigroup Global Markets
• State Street Global
Advisors
EPFR CLIENTS
EPFR CLIENTS
Brief History:
Key Contacts:
19
94
EPFR founded Cambridge, Massachusetts USA
19
95
-19
99
EPFR launches Russia Portfolio, Central Europe
Portfolio and Brazil Portfolio: publications serving
more than 600 institutional investor clients worldwide.
20
00
EPFR launches Research and Analysis Services,
providing independent research services for
investment management firms.
20
01
EPFR acquires Emerging Market Funds Research, Inc.,
a leading database of global equity and fixed income
funds.
20
01
-
pre
sen
t
EPFR expands fund database by four-fold to more
than
6,000 equity and fixed income funds with $3
6,000 equity and fixed income funds with $3
trillion in assets
trillion in assets
.
.
Dwight
Ingalsbe
Managing
Director/Co-
Founder
Tel: (+1-617)
864-4999 ext.
26
Email:
ingalsbe@epfr.co
m
Brad
Durham
Managing
Director/Co-
Founder
Tel: (+1-617)
864-4999 ext.
24
Email:
durham@epfr.co
m
Ian
Wilson
Director, Fund
Data
Tel: (+1-804)
677-2737
Email:
ian@epfr.com
Camero
n Brandt
Director, Global
Markets Analyst
Tel: (+1-617)
864-4999 ext.
22
Email:
brandt@epfr.com
Patrick
Paradiso
Sales (USA)
Tel: (+1-212)
340-4138
Email:
pat.paradiso@epf
r.com
Mimi
Chui
Asia Marketing
Manager
Tel: (+1-617)
864-4999 ext.
23
Email:
mimi.chui@epfr.c
om
Young-il
Sunwoo
Sales (Korea)
Tel: (+821)
9608-0101
Email:
yisunwoo@dream
wiz.com