China Mutual Fund Series: Quarterly Assessment – 3Q22
- Distribution, Flows, FMC segregated accounts, FMC subsidiaries, FMCs, Fundraising, JVs, Market share, Mutual Funds, Products, Regulation
‘Nowhere to go but up’ seems to be the 3Q22 mantra. Even as overall AUM dipped slightly, the twin factors of four-year-low benchmark valuations and MMF yield compression conspired to turn investors to selective equity allocations. Not quite risk on, but a welcome outcome for certain managers.
There are changes to industry sub-structure that portend competitive realignment next year. Deep changes in household savings and the meaningful expansion of tax-incentivized commercial pensions across multiple large cities hold significant potential for new flows. The industry has shown an ability to navigate uncertainty on the downside this year; positioning for upside uncertainty will likely be the challenge for 2023.
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