{"id":46652,"date":"2023-05-10T15:27:18","date_gmt":"2023-05-10T19:27:18","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/flows-into-japan-etfs-favor-income-strategies-after-march-rout\/"},"modified":"2024-04-24T14:24:53","modified_gmt":"2024-04-24T18:24:53","slug":"flows-into-japan-etfs-favor-income-strategies-after-march-rout","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/flows-into-japan-etfs-favor-income-strategies-after-march-rout\/","title":{"rendered":"Flows into Japan ETFs favor income strategies after March rout"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c3f5565558]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c3f5565558'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Flows into Japan ETFs favor income strategies after March rout<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c3f556b70f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">May 10, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c3f556d9e9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em><span style=\"font-weight: 400\">Bloomberg Market Specialist Adam Lynne contributed to this article. The original version appeared first on the Bloomberg Terminal. <\/span><\/em><\/p>\n<h2>Background<\/h2>\n<p>Aggregated fund inflows into the Topix Index have been rising since mid-March, when the Japanese stock market was battered by bank failures in the U.S. and Europe. Income strategies are among those that have attracted the most funds in 2023, with dividend and value stocks beating the benchmark index.<\/p>\n<p>Meanwhile, the Topix and the Nikkei 225 Stock Average recently achieved their <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-18\/japanese-stocks-have-longest-rally-in-a-year-amid-buffett-boost\">longest string of consecutive gains<\/a> in a year. Berkshire Hathaway\u2019s Warren Buffett recently expressed interest in <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-11\/buffett-increased-stakes-in-japanese-trading-houses-nikkei-says\">increasing his exposure<\/a> to Japanese stocks, highlighting the country\u2019s attractive investment opportunities.<\/p>\n<p>Buffett\u2019s remarks \u201cmay encourage foreign investors to invest in Japanese stocks, especially in value stocks,\u201d said Hiroshi Namioka, chief strategist at T&amp;D Asset Management.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore tools to generate your next idea<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2373595311606680971\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/asset-management\/analyst\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>The Issue<\/h2>\n<p>The March meltdown pared gains in the Topix Index to 4.4% in dollar terms for the year. By comparison, the S&amp;P 500 Index has a year-to-date gain of 6.6%, and the Stoxx Europe 600 Index is up 12%. At a global level, the International Monetary Fund recently <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-11\/imf-trims-world-growth-outlook-as-financial-risks-raise-pressure\">trimmed its global growth projections<\/a>, warning of risks as financial-sector stress adds to pressures caused by tighter monetary policy.<\/p>\n<p>There are 27 ETFs tracking the Topix Total Return Index and the Topix Net Total Return Index, with BlackRock Inc.\u2019s iShares Core TOPIX ETF attracting the most flows over the past three months.<\/p>\n<p>Investors have been allocating toward equity income and income large cap strategies in 2023, while equity large cap and other thematic plans have seen small inflows or net outflows. The inflow leader is NEXT FUNDS Nikkei 225 High Dividend Yield ETF, which offers high dividend yield, momentum and value compared with the TOPIX Index.<\/p>\n<p>The iShares MSCI Japan High Dividend ETF has lower dividend yield and value exposure than the Nikkei 225 Dividend Yield ETF but scored higher in areas of quality, low volatility and size. Those characteristics, however, haven\u2019t fared as well as value and dividend yield in 2023.<\/p>\n<p>Looking ahead from a long-only perspective, high value and dividend yields have both outperformed the Topix Index, while quality, low volatility and size have lagged.<\/p>\n<h2>Tracking<\/h2>\n<p>Use Bloomberg\u2019s GP, DES, ETF, FTW and new TLTS function to analyze the assets, exposures, and performance of exchange-traded funds. GP provides aggregated flows to the Topix index, while DES offers transparency of the funds behind the flows by finding funds and ETFs following the Topix index or derivatives of the index. Using ETF allows you to see which strategy is thriving amid improving fund flows across Japan.<\/p>\n<p>The new TLTS function can be used to analyze \u200cfunds by diving into factor exposures. FTW enables you to see the performance of the factors within the market. In this example, click the Next Funds Nikkei 225 ETF line. Click TLTS &#8211; Tilts in the popup. The shortcut is 1489 JP Equity TLTS &lt;GO&gt;.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"384\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/jp-equity.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"jp-equity\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/jp-equity.png 624w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/jp-equity.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/jp-equity.png 600w\" sizes=\"auto, (max-width: 624px) 100vw, 624px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>For more information on this or other functionality on the Bloomberg Professional Service, click here to request a demo with a Bloomberg sales representative. Existing clients can press &lt;HELP HELP&gt; on their Bloomberg keyboard.<\/em><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c3f5577a23]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c3f5577a23'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0c3f557a753'] = 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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4468363342982879499\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Aggregated fund inflows into the Topix Index have been rising since mid-March, when the Japanese stock market was battered by bank failures in the U.S. and Europe. <\/p>\n","protected":false},"author":1820,"featured_media":34713,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"3447","footnotes":""},"categories":[457,453],"tags":[857,776,550],"series":[],"class_list":["post-46652","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","tag-857","tag-analyst","tag-buy-side","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Flows into Japan ETFs favor income strategies after March rout | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Aggregated fund inflows into the Topix Index have been rising since mid-March, when the Japanese stock market was battered by bank failures in the U.S. and Europe.\" \/>\n<meta name=\"robots\" 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