They generally were the big losers of the year

The relief or getting bogged down. In 2009, the collective had no choice. Back to the wall, the markets are divided into arrow from the month of March, taking with them the French funds sector. Little or no, all classes of assets grew last year, providing an oxygen ball to a convalescent industry. If the past year, its assets grew by 11.8, to 861 billion, they are below their level of before the crisis, where they were adjacent the 930 billion euros. "The source of the most acclaimed outperformance in 2009 will undoubtedly was one in which the crisis and scandal arrived, the credit," notes EuroPerformance. Obligations were not the only ones to benefit from this trend. This was also the case of convertible bonds and some cash funds. They generally were the big losers of the year. The weakness of their performance coupled with the return of risk appetite have diverted investors of these products.

Obligations: the year of the credit

Stock: EUR 72 billion ( 21.3)

Collection: EUR 7.7 billion

With collection EUR 7.7 billion, bond funds have been a great year, in contrast with 2008 been a where a wave of takeovers had drain 7.3 billion euros of this category. It is (more or less risky) corporate debt which had the favour of the investors, very attractive remuneration, despite the strictures of the "spreads" of credit in 2009. More than 250 billion euros of non-financial liabilities have been issued in Europe last year, mainly on less than five years maturities. The request was answered now, companies who created many funds (including of products to maturity which collected nearly EUR 4 billion in 2009). Debt inflation products met with limited success with only collection EUR 400 million, for a stock increase of 16 to 5 billion. However, the inflation risk could again return among the concerns of investors this year, leading to a renewed interest in this type of solution.

Monetary regular: first funds for ten years

Stock: EUR 381,1 billion ( 1.07)

Collection: 2,6 billion euro

A Monetary Fund reported 0.96 in 2009, and even less after deduction of commissions. He gave of 4.1 in 2008. In a context of low short rates, all managers were unable to maintain the remuneration of the capital to their investors. They were able to count as in 2008 on the attractive remuneration of bank deposits (CDs) certificates to boost their performance. Indeed, the volume and the remuneration of the CD have sharply last year in the context of standardization of currency markets. Other solutions for managers: lengthen the maturity of their portfolio or take a credit risk. Not enough however to prevent some funds to losses. Thus, in July, the percentage of funds with a negative monthly performance was 3.1, or more than the previous peak recorded in autumn 2008 after the Lehman Brothers bankruptcy. The sharp cuts of the Eonia rate Summer 2009 from 0.6 to 0.3, or at a level close to the costs of management of some explains this phenomenon, which remains quite rare.

The fall of the performance of regular monetary funds has prompted investors to go find their happiness in other "heavens". Therefore, for the first time in ten years, traditional monetary products recorded an annual livrets, of EUR 2.6 billion, which mostly dug at the end of the first half. "So far, no significant influx of liquidity could be registered products with longer maturities such as dynamic cash fund and the Fund for absolute performance." "A part of these liquidity thus fueled the direct management of negotiable debt securities", indicates EuroPerformance.

Actions: a timid return of investors

Outstanding: 187.9 billion ( 35.8)

Collection: 8.7 billion

After two years of funds, the funds invested in shares recorded new subscriptions in 2009, but although modest, of EUR 8.7 billion. However, "the 13.1 billion euros of redemptions in the crisis, between July 2007 and December 2008, did had confined to less than 5 of the stock of June 2007." "Investors is thus never really fled the actions asset class as they have done for monetary funds dynamics, absolute performance, or"hedge funds"", notes EuroPerformance

Among the most sought-after expertise, international and emerging actions represented more than half of the subscriptions products invested in shares. Europe or the euro area, collected while France funds, they saw once more redemptions. In terms of sectors, the funds invested on raw materials, gold, health and the environment provoked some interest.

Diverse: a selective recovery

Stock: EUR 119,1 billion ( 36.8)

Collection: EUR 14.7 billion

These are international diversified funds which are at the top of the collection of this category with subscriptions EUR 8.5 billion. Bonds convertible, hard proven in 2008, made a return to grace, the past year. Their very good performance attracted subscriptions EUR 3.1 billion. To a lesser extent, investors returned to fund so-called "absolute performance", but more selectively, benefiting a small number of management companies.

Promoted and promoted by managers as a new generation of diversified funds, the so-called "flexible" funds have more room for manoeuvre, with weights on the asset classes ranging from 0 to 100. Better in theory therefore more reactive. Investors were cautious in their regard, in any case last year. Indeed, 60 of the products launched in 2009 was collected that EUR 240 million. Total subscriptions for this category amounts to EUR 750 million.

"hedge funds": the market is reaching the bottom

Stock: 9.1 billion euros (-25)

Collection: 3,4 billion euros

While investors returned in 2009 to most of the classes of assets, they have continued to flee giant "hedge funds", and in particular the funds of hedge funds (who manage a portfolio of "hedge funds"). It was not until October that the collection is again positive, and still very moderately. With a staging of withdrawals ("gates" system) or of "locks up" (blocking of money), the multigérants were able to delay the withdrawal deadline, normally for the greater good of their clients and not to correct their own errors, namely a mismanagement of their assets-liability (offset between the liquidity of their investments and their commitment to their customers).

If redemptions were much lower than in 2008, last year respectively 3.4 and 11.4 billion euros, they did in no less translated a certain disaffection of investors for such products, not always well understood nor well sold. The difficulties of actors of this compartment of the market and its still meaty offer reference suggest next consolidation.