The Funds Getting Hammered by Brexit Redemptions

The Funds Getting Hammered by Brexit Redemptions By Nick Sudbury Equity funds domiciled in the UK and mainland Europe have suffered their biggest client outflows for almost five years. The data compiled by Morningstar suggests that Brexit was the biggest shock to investor confidence since the Eurozone crisis in the summer of 2011. The figures from the Investment Association are even more dramatic with retail investors withdrawing £3.5 billion from UK investment funds in June. This dwarfed the net outflows of £493 million in October 2008 after the collapse of Lehman Brothers. The UK's decision to leave the EU induced a knee-jerk reaction as investors reduced their exposure to riskier areas such as UK and European equities in favour of fixed income and alternative strategies. Some investment managers suffered more than others, with M&G, Schroders, Fidelity, BlackRock and Invesco all experiencing client outflows of more than €1 billion in June. This reflects the huge amount of assets they have under management – they all have net assets of over €100 billion – except M&G, which has €81 billion – and the areas where their flagship funds are invested... Click Here To Read The Full Story The Master Investor Market Report The FTSE 100 closed the day at 6,645.40, a decrease of 48.55 points. The FTSE 250 fell 76.20 points to finish at 17,063.01. The FTSE All Share dropped 24.57 points to finish at 3,610.93. The FTSE AIM All Share finished at 758.16, down by 0.40 points. Flight services outfit BBA Aviation (BBA) earned revenues of $1.23 billion (£0.97 billion) during the six months ended 30th June, a 12% improvement over the same period of last year following the acquisition of Landmark Aviation. Statutory losses before tax of  $269 million (£203.3 million) were due in large part to impairments made to the ERO and ASIG divisions due to challenging market conditions and reclassification as "held for sales". Shares in the company rose by 8% to 256.10p. Download our July issue today! Click HERE to read. Soft drinks manufacturer AG Barr (BAG) traded within a UK market that experienced falling prices and volume decreases during the six months ended 30th July. The company was able to maintain its market share but looks to book revenues in the region of £125 million, a 2.9% decline from 2015 on a like-like basis. Customers appear to be responding well to the company's new lower-sugar offerings. The shares fell by 21.50p to 512.50p. High street bakery chain Greggs (GRG) cooked up a revenue increase of 6% to £422 million over the 26 weeks ended 2nd July as its new ranges of breakfast and healthier options proved popular with consumers. There were 32 net new store openings during the six months and management expect this to grow to 70 by the end of the year, while 200 outlets will also be refurbished. Greggs shares fell by 3p to 1,049p. Tomorrow's news today Rio Tinto (RIO) and Aggreko (AGK) will release interim results. Quote of the day "Progress was all right. Only it went on too long." - James Thurber Latest Stories Chart Of The Day: Admiral Group By Zak Mir From my perspective, cars are money losing machines, magnets to a whole array of legal infringements, and a great source of pollution and ill health to boot. Yet the car culture rolls on, and people appear blind to the costs. This is great for the likes of motor insurer Admiral Group… Click Here To Read The Full Story Could the UK's FinTech Talent make it the Next Silicon Valley? By Ed Rose The extension of Entrepreneurs' Relief and introduction of Investors' Relief announced in the Budget are clearly designed to attract long-term capital investment into companies, particularly small companies with ambitions for high, rapid growth… Click Here To Read The Full Story Chart of The Day: Anglo American By Zak Mir Given that shares of Anglo American have been one of the best recovery situations on the London market for the year to date, it seems almost churlish to look for more upside, but it could very well be the case that this is the correct thing to do... Click Here To Read The Full Story The Evil Diaries: Debts Of Honour By Evil Knievil Cameron has continued in character by awarding his accomplices resignation honours. One of them has got good legs. The others have not displayed their legs for clearance by me. However, Sir Desmond Swayne MP advises that these honours are a "relatively light way of paying off debts of honour"… Click Here To Read The Full Story Zak's Weekend Chart Round-Up By Zak Mir FTSE 350 Stocks Domino's Pizza (LON:DOM): Breakout towards 500p Expected It will be interesting to see how the takeaway food market – and Domino's Pizza's position within it – maps out with respect to the Just Eat (LON:JE.) and Deliveroo offerings… Click Here To Read The Full Story Join the movement on social media: Copyright 2016 Master Investor Ltd, All rights reserved. You are receiving this email because you opted in at our website. If a Daily Bulletin is too frequent, why not opt in to our once weekly mailing list for a round up of the week's news straight to your inbox. Once Weekly Round-Up Our mailing address is: Suite 88, 22 Notting Hill Gate, London W11 3JE Master Investor is a trading name of Master Investor Limited. 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