FundMarket Insight Reports

Lipper FundMarket Insight Reports provide in-depth summaries and analysis of key economic and market events that help shape both fixed income and equity mutual fund performance trends. These monthly and quarterly reports allow you to view trends within the equity and fixed income fund universes, highlighted in detailed charts, graphs, and commentary.

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Report Type |
Publish Date | Author Name
Report Name (click to expand)
FundMarket
Nov 05, 2014 | Tom Roseen

The Month in Closed-End Funds: October 2014

• For the second month in three both equity and fixed income closed-end funds (CEFs) posted plus-side returns on average, with equity CEFs returning 0.38% on a net asset value (NAV) basis and their fixed income counterparts gaining 0.89% for the month.  

• For October only 10% of all CEFs traded at a premium to their NAV, with 11% of equity funds and 10% of fixed income funds trading in premium territory. Lipper's domestic equity CEFs macro-group witnessed the largest narrowing of discounts for the month--73 basis points (bps) to 7.64%.   

• For the tenth month in a row all of Lipper's municipal bond CEF classifications posted returns in the black, with General & Insured Municipal Bond (Leveraged) CEFs (+1.26%) posting the strongest return.       

• Once again mixed-asset CEFs (+1.10%) outpaced their domestic equity CEFs (+0.34%) and world equity CEFs (+0.05%) brethren.  

• Real Estate CEFs (+5.35%) posted the strongest return in the equity universe for the month. 


FundMarket
Oct 06, 2014 | Tom Roseen, Jeff Tjornehoj

Sharp Slowdown for Bond Funds

• A light issuance calendar and steady retail inflows helped push muni funds to the top spots in the Q3 performance tables: High Yield Muni Debt Funds at 2.40% led all groups.

• Munis would not have risen so high if Treasuries hadn’t rallied mid-quarter. Despite a drop in September, General U.S. Treasury Funds still posted a Q3 return of 1.02%.

• Lipper’s High Yield Funds group sank in September, leaving it with a Q3 return of minus 2.06%.

• A sharply rising U.S. dollar crushed returns for all World Income Funds classifications. The worst, Emerging Markets Local Currency Funds, was down 5.00% for the quarter.


FundMarket
Oct 03, 2014 | Jeff Tjornehoj

The Month in Closed-End Funds: September 2014

• For the second month in three both equity and fixed income closed-end funds (CEFs) posted negative returns on average, with equity CEFs declining 3.28% on a net asset value (NAV) basis and their fixed income counterparts losing 0.50% for the month.  

• For September only 8% of all CEFs traded at a premium to their NAV, with 8% of equity funds and 8% of fixed income funds trading in premium territory. Lipper's world equity CEFs macro-group witnessed the only narrowing of discounts for the month--25 basis points (bps) to 10.32%. 

• For the ninth month in a row all of Lipper's municipal bond CEF classifications posted returns in the black, with High Yield Municipal Bond CEFs (+0.78%) posting the strongest return. 

• Mixed-asset CEFs (-2.01%) mitigated losses better than their domestic equity CEFs (-3.18%) and world equity CEFs (-4.23%) brethren. 

• Income & Preferred Stock CEFs (-1.46%) did the best job of mitigating losses in the equity universe for the month. 


FundMarket
Oct 02, 2014 | Tom Roseen

Equity Funds Decline for the First Quarter in Nine

• Equity funds (-2.92% on average) posted their first quarterly loss in nine quarters for Q3 2014. Mixed-Asset Funds (-1.71%) jumped to the head of the class for the first quarter in ten, mitigating losses better than Lipper's other three broad equity macro-classifications:  U.S. Diversified Equity (USDE) Funds (-1.95%), Sector Equity Funds (-3.91%), and World Equity Funds (-4.37%).

• The Sector Equity macro-classification housed the four best performing classifications in the equity universe: the short-bias Commodity Specialty Funds (+6.21%) classification, Health/Biotechnology Funds (+4.49%), and Alternative Managed Futures Funds (+4.30%). 

• Despite increasing geopolitical concerns and a slowing Chinese economy, investors continued to bid up India Region Funds (+2.87%) and China Region Funds (+0.64%), the only two classifications in the World Equity Funds macro-group to post plus-side returns for Q3. 


FundMarket
Sep 05, 2014 | Tom Roseen

The Month in Closed-End Funds: August 2014

• For August only 9% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 9% of equity funds and 9% of fixed income funds trading in premium territory. Lipper's domestic equity CEFs macro-group witnessed the largest narrowing of discounts for the month--26 basis points (bps) to 7.56%. 

• For the sixth month in seven both equity and fixed income CEFs posted positive returns on average, with equity CEFs rising 3.12% on a NAV basis and their fixed income counterparts returning 1.69% for the month.  

• For the eighth month in a row all of Lipper's municipal bond CEF classifications posted returns in the black, with General & Insured Municipal Bond CEFs (Leveraged) (+2.46%) posting the strongest return. 

• Domestic equity CEFs (+3.93%) outpaced their mixed-asset CEF (+2.17%) and world equity CEF (+1.98%) brethren. 

• Energy MLP CEFs (+8.09%) returned to the head of class during the month. 


FundMarket
Aug 05, 2014 | Tom Roseen

The Month in Closed-End Funds: July 2014

• For July only 9% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 8% of equity funds and 10% of fixed income funds trading in premium territory. Lipper's world equity CEFs macro-group witnessed the only narrowing of discounts for the month--1 basis point (bp) to 10.37%.

• For the first month since August 2013 both equity and fixed income CEFs posted negative returns on average, with equity CEFs losing 1.62% on a NAV basis and their fixed income counterparts declining 0.06% for the month. 

• For the sixth month in seven all of Lipper's municipal bond CEF classifications posted returns in the black, with California Municipal Debt CEFs (+0.40%) posting the strongest return.

• World income CEFs (-0.42%) mitigated losses marginally better than the domestic taxable fixed income CEFs group (-0.49%).

• China-related securities drove Pacific ex-Japan CEFs (+3.17%) to the head of class during the month.

FundMarket
Jul 07, 2014 | Tom Roseen, Jeff Tjornehoj

A Half-Year Performance That’ll Be Hard to Repeat

Bond markets continued to build off Q1 2014’s fast start. Bond fund groups of all stripes did well, ranging from the Inflation-Protected Bond Funds’ 3.18% climb and a solid 2.12% return from High Yield Funds; municipal debt funds (+2.37%) had a fantastic quarter also.

But at the halfway point of the year it’s tough to argue for a repeat performance for the second half of the year: corporate bond spreads are pretty tight as junk bond spreads look especially skinny—under 350 basis points (bps)—and Treasuries themselves offer little wiggle room if the troubles in Ukraine settle down and sectarian violence in Iraq continues away from the valuable oil fields. And though it’s unclear how much of this year’s rally has come at the expense of bond bears, they’ve definitely been squeezed, and performance in the coming quarters could surprise to the downside if their short-covering provided more than just a modest lift for Q2.
FundMarket
Jul 03, 2014 | Jeff Tjornehoj

The Month in Closed-End Funds: June 2014

• For June only 12% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 10% of equity funds and 13% of fixed income funds trading in premium territory. Lipper's world income CEFs macro-group witnessed the largest narrowing of discounts for the month--24 basis points (bps) to 8.64%. 

• For the fifth consecutive month equity and fixed income CEFs posted plus-side returns, with equity CEFs returning 2.64% on a NAV basis and their fixed income counterparts returning 0.39% for the month. 

• Breaking a five-month trend where all of Lipper's municipal bond CEF classifications posted returns in the black, four of the nine classifications in this group suffered NAV-based losses for June, with New Jersey Municipal Debt CEFs (-0.23%) experiencing the largest decline. 

• World income CEFs (+0.88%) narrowly outpaced the domestic taxable fixed income CEFs group (+0.82%) and handily outperformed their municipal debt CEF counterparts (+0.01%) for the month.  

• Energy-related securities drove domestic equity CEFs (+3.21%) to the head of the class during the month. 


FundMarket
Jul 02, 2014 | Tom Roseen

Equity Funds Rise for an Eighth Consecutive Quarter

• Equity funds (+4.04% on average) posted a plus-side return for Q2 2014. Sector Equity Funds (+5.62%) remained at the head of the class for the second quarter in a row, outpacing Lipper's other three broad equity macro-classifications: World Equity Funds (+4.46%), U.S. Diversified Equity (USDE) Funds (+3.42%), and Mixed-Asset Funds (+3.32%).

• Dedicated Short-Bias Funds (-9.57%), Commodities Agriculture Funds (-5.72%), Commodities Specialty Funds (-0.60%), and Alternative Equity Market Neutral Funds were the only equity classifications to suffer losses for the quarter.

• Despite increasing geopolitical concerns, investors once again embraced India Region Funds, pushing the classification to the top of the equity charts (+18.26%) for the first quarter in 20. 


FundMarket
Jun 03, 2014 | Tom Roseen

The Month in Closed-End Funds: May 2014

• For May only 12% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 12% of equity funds and 11% of fixed income funds trading in premium territory. Lipper's equity CEFs macro-group witnessed the largest narrowing of discounts for the month—105 basis points (bps) to 8.33%. 

• For the fourth consecutive month equity and fixed income CEFs posted plus-side returns, with equity CEFs returning 2.09% on a NAV basis and their fixed income counterparts returning 1.96% for the month.  

• For the fifth consecutive month all of Lipper's municipal bond CEF classifications posted returns in the black, with General & Insured Municipal Debt CEFs (Leveraged) (+2.65%) once again outpacing the other classifications in the group. 

• World income CEFs (+2.45%) narrowly outpaced the municipal debt CEFs group (+2.43%) and handily outperformed their domestic taxable fixed income CEF counterparts (+1.25%) for the month.  

• Despite continued geopolitical concerns during the month, Emerging Markets CEFs (+4.40%) rose to the head of the CEFs universe for May. 

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