This week's highlights
Global equities declined last week despite the Fed’s first rate cut since 2008. Infrastructure and property ETFs (VBLD, VAP and MVA) were amongst the top performing equity funds, while Asia-Pac ETFs (IKO, IZZ, UBP and IAA) were the biggest decliners.
In precious metal markets gold continued its strong run, while palladium saw a big drop. GOLD and PMGOLD both returned 3.2%, while gold mining ETF (GDX) topped the returns table for equity funds. Palladium fund ETPMPD fell 7.7%.
The Australian dollar fell to US 68c. U.S. dollar ETFs (YANK, USD and ZUSD) were all amongst the weeks top performers.
Total flows into domestically domiciled ETFs were $339m, while outflows totalled $12m. The biggest inflows were into cash (AAA) and broad-based equity funds (A200 and IVV). GOLD continues to attract strong flows, with over $75m of inflows since the beginning of June.
AAA was the most traded fund last week, followed by domestic equity funds (VAS, STW and A200). GOLD traded well above its average volume.
ETFS Global Core Infrastructure ETF (CORE) returned 1.2% for the week and is now up 15.1% year-to-date. CORE uses a dynamic, rules-based approach to stock selection, choosing the 75 least volatile infrastructure stocks globally on a quarterly basis.