Fund flows to EUFN
Exchange-traded fund investors have withdrawn $70 million from the iShares MSCI Europe Financial Sector ETF (EUFN) in October 2015. So far in 2015, European ETFs (FEZ) have underperformed and investors have pulled out $47 billion from the EUFN ETF.
Shares of EUFN have generated returns of -2.1% year-to-date. During October, EUFN has returned 2.4% as investors cheered the ECB announcement.
Changes in institutional investors holdings in 2Q15
Despite the negative flows to the EUFN ETF, 13F filings of major institutional asset managers for the second quarter of 2015 give a positive picture.
In 2Q15, trade activity by 13F filers displayed a 50.9% increase in aggregate shares held by institutional investors and hedge funds. Among the 57 13F filers holding the stock, nine funds reduced their exposure to EUFN, while ten funds sold all their holdings. However, 13 funds created new positions and 27 funds increased their exposure to EUFN.
Institutional investors like Glovista Investments, Baker Avenue, Citadel Advisors, and Jane Street Corp significantly reduced their holdings in EUFN. Among these, Glovista and Citadel Advisors sold all their shares of EUFN.