Quarterly Trends Webcast March 2020
What We’ll Cover 1. Global Asset Movement 2. Consultant & Investor Screening Behavior 3. Mandate Trends 4. Finding Opportunities John Molesphini Global Head of Insights, eVestment
Underlying This Trends Analysis Source: eVestment Database 10,000+ 4,000+ 25,000+ 60,000+ Manager Screens By Investors Asset Management Institutional Public Plan Documents & Consultants Each Quarter Firms Reporting Data Strategies 180,000+ 895+ $80T Product Views By Investors Consultants & Investors AUM Represented By & Consultants Each Quarter Conducting Screens Managers Reporting Data 3
Underlying This Trends Analysis Source: eVestment Analytics Products AUM ($B) US Equity 3,607 $15,026 US Fixed Income 2,631 $13,611 Global Equity 1,644 $4,040 Global Fixed Income 911 $2,488 EAFE Equity 550 $1,890 ACWI ex-US Equity 391 $1,755 Emerging Markets Equity 691 $1,553 Global Balanced/TAA 503 $1,018 Europe Fixed Income 452 $878 Emerging Markets Fixed Income 414 $844 4
Underlying This Trends Analysis Source: eVestment Analytics 2019 2020 Through February S&P 500 31.49% -8.27% Bloomberg Barclays US Aggregate 8.72% 3.76% MSCI World-GD 28.40% -8.94% Bloomberg Barclays Global Aggregate 6.84% 1.96% MSCI EAFE-GD 22.66% -10.92% MSCI ACWI ex-US-GD 22.13% -10.35% MSCI EM-GD 18.90% -9.68% 50% MSCI World/50% Citi WGBI 16.57% -3.24% Bloomberg Barclays Euro Aggregate 4.07% 0.15% JPM EMBI Global Diversified 15.04% 0.54% 5
Global Asset Movement
State of Long-Only Source: eVestment Analytics and Asset Flows 60% MSCI World/40% WGBI $35,000,000 $1,100,000 $30,000,000 $900,000 Cumulative Institutional Flows $25,000,000 $700,000 $20,000,000 $500,000 $15,000,000 $300,000 $10,000,000 $100,000 $0 $5,000,000 -$100,000 Reported Institutional AUM $0 -$300,000 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 7
Institutional AUM with Flows Overlay Source: eVestment Analytics and Asset Flows $3,750,000 100% BALANCED/MULTI-ASSET 90% Fixed Income Flows 80% $2,250,000 FIXED INCOME 70% Balanced/Multi-Asset Flows 60% $750,000 50% 40% -$750,000 EQUITY 30% Equity Flows 20% -$2,250,000 10% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 0% -$3,750,000 8
Active vs. Passive Cumulative Flows Source: eVestment Analytics and Asset Flows ACTIVE FIXED INCOME FLOWS $2,250,000 PASSIVE EQUITY FLOWS $1,250,000 $250,000 -$750,000 ACTIVE EQUITY FLOWS PASSIVE FIXED INCOME FLOWS -$1,750,000 ACTIVE EQUITY -$2,750,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -$3,750,000 9
Inflow Drivers – Q4 2019 (Institutional Only) Source: eVestment Analytics and Asset Flows ($M) P r i o r F o u r Q u a r t e r s US Cash Management $284,555 $4,798 US Core Plus Fixed Income $10,624 US Core Fixed Income Global Passive Fixed Income $3,699 US Long Duration Fixed Income -$10,635 Diversified Growth Funds -$950 US Passive Core Fixed Income $17,300 US High Yield Municipal Fixed Income $10,298 Buy and Maintain Credit Fixed Income $4,402 Canadian Core Fixed Income -$3,889 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 10
Outflow Drivers – Q4 2019 (Institutional Only) Source: eVestment Analytics and Asset Flows ($M) P r i o r F o u r Q u a r t e r s US Large Cap Value Equity -$75,352 Global Large Cap Core Equity -$35,683 EAFE Passive Equity $13,618 US Large Cap Growth Equity -$55,948 US Short Duration Fixed Income $5,671 US Floating-Rate Bank Loan Fixed Income -$42,742 EAFE Large Cap Core Equity -$14,052 -$14,144 US Enhanced S&P 500 Equity Global Emerging Mkts Fixed Income - Local Currency -$8,200 US Passive S&P 500 Equity $23,757 -$30,000 -$25,000 -$20,000 -$15,000 -$10,000 -$5,000 $0 11
Largest Positive Shifts (Institutional Only) Source: eVestment Analytics and Asset Flows ($M) Q 4 2 0 1 9 P R I O R F O U R Q U A R T E R S US Corporate Fixed Income Global Passive Equity US Long Duration Fixed Income US Balanced Global Emerging Mkts All Cap Core Equity UK Passive Equity Global Large Cap Value Equity Canadian Core Fixed Income Asia ex-Japan All Cap Value Equity US Passive Russell 1000 Growth Equity -$50,000 -$40,000 -$30,000 -$20,000 -$10,000 $0 $10,000 12
Largest Negative Shifts (Institutional Only) Source: eVestment Analytics and Asset Flows ($M) Q 4 2 0 1 9 P R I O R F O U R Q U A R T E R S US Enhanced Cash Management US Passive S&P 500 Equity EAFE Passive Equity Global Multi-Sector Fixed Income Europe Fixed Income - Cash Management Global Emerging Mkts Passive Equity US Short Duration Fixed Income US Passive Large Cap - Other Indices ACWI ex-US Passive Equity Europe Fixed Income - Corporate -$20,000 -$10,000 $0 $10,000 $20,000 $30,000 $40,000 13
Recent State of the eVestment ESG Universe Source: eVestment Analytics and Asset Flows AUM FLOWS $20,000 $15,000 $10,000 $592B AS OF Q4 2019 $5,000 $- $(5,000) $(10,000) 2015 2016 2017 2018 2019 EMEA US APAC Canada 14
Consultant & Investor Screening Behavior
Shifts in 150,000+ Consultant & Investor Views Source: eVestment Advantage – Q4 2019 -0.1% -0.1% +1.0% -2.3% +0.4% -0.6% +1.4% +0.2% 16
Universes With Highest Average Product Views By Investors & Consultants Globally Source: eVestment Advantage – Q4 2019 eVestment EAFE All Cap Value Equity eVestment ACWI ex-US All Cap Growth Equity eVestment Global All Cap Growth Equity eVestment Global Emerging Mkts All Cap Growth Equity eVestment Global Emerging Mkts All Cap Value Equity eVestment Canadian Large Cap Value Equity eVestment ACWI ex-US Large Cap Value Equity eVestment Canadian All Cap Value Equity eVestment ACWI ex-US Small Cap Growth Equity eVestment Global Emerging Mkts All Cap Core Equity 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 17
Universes Most Viewed By U.S. Investors & Consultants Source: eVestment Advantage – Q4 2019 eVestment US Large Cap Value Equity eVestment US Small Cap Value Equity eVestment US Large Cap Growth Equity eVestment US Small Cap Growth Equity eVestment US Small Cap Core Equity eVestment Global Emerging Mkts All Cap Core Equity eVestment US Large Cap Core Equity eVestment US Core Fixed Income eVestment Global All Cap Core Equity eVestment Global Large Cap Core Equity 0 500 1000 1500 2000 2500 3000 3500 4000 4500 18
Universes With Largest Changes In U.S. Investor & Consultant Interest Source: eVestment Advantage – Q4 2019 eVestment US Core Plus Fixed Income eVestment Global Large Cap Growth Equity eVestment US Small-Mid Cap Core Equity eVestment Global All Cap Core Equity eVestment Global Large Cap Core Equity eVestment Global All Cap Growth Equity eVestment US Long Duration Fixed Income eVestment Global All Cap Value Equity eVestment Global Tactical Asset Allocation eVestment US Multi-Sector Fixed Income 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 19
Universes Most Viewed By EMEA Investors & Consultants Source: eVestment Advantage – Q4 2019 eVestment Global All Cap Core Equity eVestment Global Large Cap Core Equity eVestment Global All Cap Growth Equity eVestment Global Emerging Mkts All Cap Core Equity eVestment Global Large Cap Value Equity eVestment Diversified Growth Funds eVestment Global Large Cap Growth Equity eVestment Global Unconstrained Fixed Income eVestment Global Emerging Mkts Fixed Income - Hard Currency eVestment Global All Cap Value Equity 0 250 500 750 1000 1250 20
Universes With Largest Changes In EMEA Investor & Consultant Interest Source: eVestment Advantage – Q4 2019 eVestment Global All Cap Growth Equity Fund of Funds - Multi-Strategy eVestment Global High Yield Fixed Income eVestment US High Yield Fixed Income eVestment Global Credit Fixed Income eVestment Europe Fixed Income - Corporate eVestment US Securitized Fixed Income - Mortgage eVestment Pan-Europe Small Cap Equity eVestment US Securitized Fixed Income - Non-Traditional eVestment Canadian Large Cap Core Equity 0.00% 0.25% 0.50% 0.75% 1.00% 21
Universes Most Viewed By APAC Investors & Consultants Source: eVestment Advantage – Q4 2019 eVestment Australian Equity Shares - Long Only eVestment Global Large Cap Core Equity eVestment Global All Cap Core Equity eVestment Global All Cap Growth Equity eVestment Global Large Cap Value Equity eVestment Global Large Cap Growth Equity eVestment Global Emerging Mkts All Cap Core Equity eVestment Global All Cap Value Equity eVestment US Large Cap Value Equity eVestment Japan All Cap Value Equity 0 100 200 300 400 500 600 700 22
Universes With Largest Changes In APAC Investor & Consultant Interest Source: eVestment Advantage – Q4 2019 eVestment Australian Equity Shares - Long Only eVestment Global All Cap Growth Equity eVestment US Large Cap Value Equity eVestment US Securitized Fixed Income - Non-Traditional eVestment Canadian Large Cap Value Equity eVestment Global Small-Mid Cap Equity eVestment US Sector Focus Equity eVestment US Small-Mid Cap Growth Equity Macro - Multi-Strategy eVestment Global Credit Fixed Income 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 23
Mandate Trends
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