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FAQ
Data


Category

Categories are the equivalent of data points that are available in the selected data set. For example, in the Fund Flows data set, a user could select "Total Net Assets" under "Category" in order to see the total assets in the selected asset classes.

Flow/$US

Each period (monthly, weekly, daily) we are provided beginning of week (BoW) assets, end of week (EoW) assets, and the percentage change in net asset value (nav) for the funds. Using these data points, we take the following steps:

Step 1 - Calculate portfolio change & fund flows in fund's currency:

  • Portfolio Change = Beginning of Week (BoW) Assets x NAV Performance

  • Fund Flows = End of Week (EoW) Assets - BoW Assets - Portfolio Change

Step 2 - Convert all currency amounts to US$:

  • BoW Assets x BoW Exchange Rate = BoW Assets in US$

  • EoW Assets x EoW Exchange Rate = EoW Assets in US$

  • Portfolio Change x Average Exchange Rate = Portfolio Change in US$

  • Fund Flows x Average Exchange Rate = Fund Flows in US$

  • Forex Change = (BoW Assets + Portfolio Change + Fund Flow) - (EoW Assets in US$)

If FX rate remained the same for the day/week/month, then BoW Assets + Portfolio Change + Fund Flow would equal EoW Assets.

Flow/$US %

 The Flows/$US % is derived by dividing Flow by Assets (TNA) in the start of the period.

Flow/$US% =(Flows/$US)/TNA

Net Assets Start

The total net assets at the start of the period for the fund group

Total Net Assets

There are several factors that change the total net assets from one period to the next, and flows are only one portion of the difference of period-to-periodchanges in the total net assets assets:

Increases or decreases in market performance: from month-to-month, performance will increase or decrease the total net assets, and are separate from flows.

Change in FX: for funds not denominated in US Dollars, the change in foreign exchange rate will impact the total net assets (all of which are converted to US Dollars in our system);

Changes to Universe: as we add funds, there will be an increase to the total net assets that will not show up as a flow, as it's not new money coming into the universe (a flow), it's only increased coverage.

Flow/$US Cumulative

Investor purchases/redemptions of fund shares in absolute dollar terms on a cumulative basis

Flow/$US % Cumulative

The country flows US$ % cumulative figure takes each of the individual US$ flows as a % of beginning of period's total net assets and chains them together similar to how cumulative fund returns are calculated.

In the below example, flows as a % of total net assets for the first week was 1.55%. The cumulative flow % would also be 1.55%. To calculate the cumulative flow % we start with a base of 100.00 and multiply it by the current period's flow %, adding that back to the previous week's base 100 value. In the first week this would be 100.00 x 1.55% = 1.55 + 100 = 101.55. In the second week, the flow % was 0.80%, so the cumulative flow % becomes 101.55 x 0.80% = .8124 + 101.55 = 102.3624 (which is a cumulative flow % of 2.36%). This is repeated for each period.

Change in FX

NAV % Change may differ for different share classes of the same fund. For funds not denominated in US Dollars, the change in foreign exchange rate will impact the total net assets (all of which are converted to US Dollars in our system).

Different share classes of the same fund may have different changes in FX. The reason is that a fund company may apply different levels of management fee for each share class (for example higher management fees for retail share classes, lower management fees for institutional share classes). These operating expenses are factored into the NAV calculation for each share class which is then used to calculate performance at the share class level.

NAV % Change

NAV % change is the change in the underlying value of the selected asset class/geographic group during the day/week/month in question, expressed in percentage terms.

NAV % Change Cumulative

This shows the cumulative change in the underlying value of the assets in the selected asset class/geographic grouping over the defined date range.

For example, if one were to select "All Equity Funds" on the left, a date range of 1/1/2012 to 9/30/2012, and Category:NAV % change cumulative, the resulting figure would show the cumulative change in the underlying value of all equity funds tracked by EPFR Global between January and September of 2012.

Count of Funds

The count of funds within the fund group

Multi-asset Funds

These are multi-asset funds

Date

Date field provides options for different time frames which include the ability to chose from predetermined time frames or you can customize time frames. For example, you can pull data for the prior month or select a start and end date of your choice.

Week to Date

Pulls data published from the most recent Monday through current day and will automatically reset each time you run the report.

Example: If you run a report on Thursday it will pull data published from Monday through current day.

5 Days

Pulls data published within the past 5 days (including current day) and will automatically reset each time you run the report.

Example: if you run the report on a Tuesday it will pull data published from Friday of the prior week through current day (Tuesday).

1 Month

Pulls data published within the past 30 days and will automatically reset each time you run the report.

Example: If you run the report on 2/8/2018 it will pull data published between 1/8/2018 through current date based on the frequency chosen.

3 Month

Pulls data published within the past 3 months and will automatically reset each time you run the report.

Example: If you run the report in February it will pull data published in November, December, and January based on the frequency chosen.

6 Month

Pulls data published within the past 6 months and will automatically reset each time you run the report.

Example: If you run the report in February it will pull data published in August, September, October, November, December, and January based on the frequency chosen.

1 Year

Pulls data published within the past 12 months and will automatically reset each time you run the report.

Example: If you run the report in February it will pull data published from February of the prior year through current, based on the frequency chosen.

2 Year

Pulls data published in the past 2 years and will automatically reset each time you run the report.

Example: If you run the report in February it will pull data published from February two years prior through current, based on the frequency chosen.

5 Year

Pulls data published within the past 5 years and will automatically reset each time you run the report.

Example: If you run the report in February 2018 it will pull data published from February 2013 through current, based on the frequency chosen.

Max

Pulls data from the date in which EPFR began tracking the data.  This date can be different for each data set as well as each frequency.

Month to Date

Pulls data from the beginning of the current month through current day and will automatically reset each time you run the report.

Example: if you run the report on the 15th of the month it will contain data from the 1st of the month through the current day.

Quarter to Date

Quarter to Date setting pulls data from the beginning of the current quarter through current day. For example, if you run the report on the 15th of February it will contain data from the 1st of January through the 15th of February and will automatically reset each time you run the report.

Year to Date

Year to Date setting pulls data from the beginning of the current year through current day. For example, if you run the report on April 3rd it will contain data from the 1st of January through the 3rd of April and will automatically reset each time you run the report.

Exact Date

Exact Date setting allows you to choose a specific date in time and pulls data for that date. For example if you choose 11/07/2016 you will receive the data for that day.

Number of Days

Number of Days setting pulls data published within the number of days selected. For example if 10 days is selected and current day is Thursday you will received data published from Tuesday of the prior week through current day and will automatically reset each time you run the report.

Current

Current setting pulls the most current data and will automatically reset each time you run the report.

Custom Date Range

Custom Date Range setting allows you to select a beginning and end date and will pull data within the selected date range, for example you can select data between February 2nd and November 15th.

Frequency

EPFR data is as-reported by the fund administrator, custodian, etc. Data is delivered to EPFR on a Daily, Weekly, or Monthly basis, and is therefore distributed in the given frequency Daily, Weekly and Monthly basis. Choose which level of granularity you are interested in returning. 


Note: Funds that report on a daily basis will also report on a weekly and monthly frequency. However, funds that report monthly may not report on a weekly or daily frequency. 

Daily

This selection allows you to run a query with data collected on a Daily basis. Daily reported funds are released in the afternoon (EST) for the previous day’s close of business.


Weekly

This selection allows you to run a query with data collected on a Weekly basis. Weekly reported funds are released on Thursday afternoon for the week ending close of business Wednesday.

Monthly

This selection allows you to run a query with data collected on a Monthly basis. Monthly reported funds are released on the 16th (Fund Flows) or 23rd (Country Flows, Sector/Industry/Country Allocations) of the month, for the previous month.

Level

This selection menu allows users to view different aggregations or levels of detail for the EPFR data. The four "levels" are Aggregate, Manager, Fund and Share Class level.

Aggregate


Capital Gains Distributions

How are capital gains distributions factored into fund flows?

A:  In our calculation of fund flows, distributions are added back to period ending NAV's so that correct change due to market performance can be calculated. We then subtract change due to market from ending net assets ("market adjusted net assets") and compare this market adjusted net assets figure with the beginning of period net assets. The difference between the two is the net flow for the period. Distributions that are reinvested into the fund are not considered flows, while distributions taken in cash are considered outflows. Distribution data is provided by all of the funds included in our flows reports - this information is crucial to calculating net fund flows. Since correct fund performance is required to compute the flow of funds, we would not include any funds in our database that do not disclose distribution data.

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  • Monthly
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