...www.fitchratings.com August 14, 2015 Brazilian Fund Flows Reversed to Positive in 2Q15 After a negative 1Q15, Brazilian fund flows reversed to positive (BRL33 billion YTD). April and May were especially good for the money market and DI benchmark funds while investors shifted assets to floating-rate securities as the Brazilian Central Bank continued to tighten monetary policy. Equity funds continued to suffer outflows in 2Q15 (BRL4 billion) due to bad performance, totaling a decrease of BRL9.2 billion YTD. After strong returns in 1Q15, the balanced/mixed assets category had a net inflow of BRL8 billion in 2Q15, thus reducing its new outflow to BRL10 billion YTD. Private pension funds were the bright spot throughout 1H15 with a net inflow of BRL19.9 billion versus BRL11.6 billion in 1H2014. Macro- and Multistrategy Funds Continue to Perform Well In 1H15, macro- and multistrategy funds delivered the strongest returns in the asset management industry. Anbima (Brazilian Association of Financial...
