Gold miners led Australian ETFs rise in March
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The news: The Australian exchange-traded funds (ETF) industry hit a new record high in assets under management in March, with gold miners ETFs performing best and Magellan posting the largest outflows during the month, according to Betashares.
The numbers: The local ETF industry ended March just shy of $200 billion in assets, with growth driven by a combination of value appreciation and investor net inflows.
March saw assets grow 3.9% month on month, for a total monthly market cap increase of $7.3 billion to $196.7 billion. Net inflows for the month were $1.8 billion, representing approximately 25% of the industry’s growth in March.
Trading value dropped 9% month on month to around $9 billion.
Fund manager Magellan topped outflows during the month, with its global fund reporting outflows of over $118 million.
Over the last 12 months the industry has grown by 37.9%, or $54.1 billion.
The context: ETF specialist fund manager Betashares said no new funds were launched or closed in March, with the industry taking a rare pause in terms of new product development, which is expected to resume "at pace" in the next few months.
The best performing ETFs in March were gold miners ETFs, while Bitcoin and crypto exposures also performed well.
International equities products dominated in terms of the composition of net inflows, representing around half of the industry's net flows, while outflows were limited to selling in gold and oil commodities.
The source: Betashares Australian ETF Review
