Funds: Many sales, many purchases

In the wave of selling a good two weeks ago, many funds - especially tech funds - were thrown out of portfolios. However, the lower prices were then quickly used to enter the market again.
 

15 August 2024. FRANKFURT (Börse Frankfurt). The price slump on the global stock markets almost two weeks ago also made itself felt in fund trading. Anja Deisenroth-Boström from Baader Bank speaks of a “small sell-off”. “However, funds were not affected by the sell-off as much as ETFs. It was a little more cautious.” Ivo Orlemann from ICF Bank also reported sales. “This affected all categories, including real estate funds, but technology funds were particularly hard hit.” Calm returned from Tuesday last week, as both report.  

Tech funds: “boldly grabbed” after price slump

Everything must go - that was the motto during the crash days. “You can't single out individual funds,” explains Deisenroth-Boström. However, terrAssisi Aktien (DE0009847343), which also takes into account environmental and social criteria as well as the principles of the Franciscan order, and Fidelity European Growth (LU0048578792) were then sought after again. Also on the sell list: Allianz Nebenwerte Deutschland (DE0008481763).

“There were massive outflows from tech funds, after which there was a bold move back in,” reports Orlemann. He names the Fidelity Global Technology in distributing and accumulating versions (LU0099574567, LU0115773425), the BlackRock Global Funds World Technology (LU0171310443), the Franklin Technology (LU0260870158) and the DNB Fund Technology (LU0302296495).

Asia funds punished

The particularly sharp price slide in Japan also led to significant sales of funds with Asian equities, as Orlemann reports. The UniEM Far East (LU0054735278), for example, which invests in emerging and developing countries such as Thailand, the Philippines and India, was on the sell list. Deisenroth-Boström reports inflows for the AGIF Allianz Oriental Income (LU0348784041) and rather outflows from the JPMorgan China (LU0051755006) and Comgest Growth Greater China (IE0030351732) for the past four weeks. The China funds continue to disappoint, with JPMorgan China down 5.2 percent this year and Comgest Growth Greater China down 5.7 percent. Both are also in the red over the past five years.

Irrespective of the market caprioles, Orlemann believes that sustainability funds are more likely to be sold. “It goes both ways, but the sales dominate.” The funds affected include Amundi Ethik (AT0000857164), DKB Nachhaltigkeitsfonds Klimaschutz (LU0117118124), Swisscanto Portfolio Fund Responsible Select (LU0112800569) and Swisscanto Equity Fund Sustainable Fonds (LU0136171559).

Popular money market funds, unpopular real estate funds

According to Deisenroth-Boström, money market funds (LU0225880524, DE0009766832, DE000A0YCBQ8) remain popular. “We hardly see any sales,” she adds. Real estate funds, which have already been under selling pressure for some time, were hit again with the sell-off on the stock markets, as Orlemann notes. “After that, however, we quickly saw purchases again,” he adds. Particularly strong sellers: hausInvest (DE0009807016), Deka-ImmobilienMetropolen (DE000DK0TWX8), Grundbesitz Europa (DE0009807008) and UniImmo Deutschland (DE0009805507).