6月25日：英国股票基金更新

UK Equity Mutual Fund UpdateKey ConclusionsThe UK Equity mutual fund sector has faced meaningful net outflow and performance pressures since 2016.IA data show there have been -f68bn net outflows / -28% of opening AuM, Jan-16 to May-25. AuM has declined by -23%.The latest data just published by the IA for May-25 show net outflows continued in the month of April, at -f0.3bn / -0.2% ofopening AuM, and -f5.4bn 2025 YTD / -3.0% of opening AuM (-7.2% annualised).Based on our proprietary analysis, we estimate net outflows worsened again in June, with early indications at -f1.8bn.We think these persistent outflows mean many assemanagers managing such funds are very much on the back foot -typically more concerned with managing the &uslows / maintaining adequate associated liquidity / deciding what stocks tosell / how to keep the portfolio in balance, ra@言than more proactively thinking about what to buy.We think the key underlying reasons for the continuing outflows include:Growing asset owner preference for owning global stocks and alternative assets (and to some extent the allure of cashgiven 4-5% yields recently), rather than a historical home bias towards UK equities for UK-based investors. We thinkthis is the single most important factor behind the outflows.We think Uk institutional investor asset owners have declined sharply in recent years. Whilst they are now getting closer to globalmarket cap weightings, there could be some of this trend still to play out, in turn suggesting some of this pressure may persist.UK retail investor allocations have declined, but remain above global market cap weightings, suggesting this pressure could continue.Perceived UK macro-economic concerns and political events / volatility arguably mean some investors (perhaps mostnotably overseas investors) have been more reluctant to invest in UK-listed assets, notwithstanding that many,especially larger, UK-listed businesses have only limited UK domestic economic exposure.Weak investment performance of UK equities as an asset class relative to many global indices, especially given thecomposition bias towards more mature / less growth orientated companies in recent years.Weak investment performance of many UK equity funds relative to the main UK benchmarks over a long period of timeand the associated trend towards passive investment (which in turn has also tended to be reallocated to global equity).We think these flow dynamics are an important determinant of UK-listed valuations and therefore an important indicator forinvestors interested in UK-listed businesses to monitor, especially for any changes.Deutsche Bank GroupDeutsche Numis UK Equity Total - AuM, Net Flows, Performance2025 YTDJan-25Feb-25Mar-25Apr-25May-25Jun-25 DB EstimateOpeningbn178.9184.3182.7173.6175.6182.3Net Flow fbn-1.7-1.4-1.2-0.8-0.3-1.8Performance fbn7.1-0.2-7.92.87.01.6Closing fbn184.3182.7173.6175.6182.3182.1Net Flow % of opening-0.9%-0.8%-0.6%-0.5%-0.2%-1.0%Net Flow % of opening annualised-11.2%-9.1%-7.6%-5.6%-2.4%-11.6%Performance % of opening4.0%-0.1%-4.3%1.6%4.0%0.9%Comparator: Weighted FTSE Allshare / DNSCI exIT %5.3%1.1%-2.3%-0.1%4.3%0.6%Out (Under) Performance %-1.4%-1.2%-2.0%1.7%-0.3%0.3%Sources: IA,Deutsche Bank.See page13 forexplanatory information.Deutsche Bank GroupDeutsche Numis UK Eguity Total - AuM, Net Flows, Performance2012-2024201220132014201520162017201820192020UK All SectorsOpening fbn157.5179.6222.0226.3237.4233.1253.6221.7247.8NetFlowfbn6.5-2.74.92.7-5.4-2.8-4.8-2.2-3.2Performance fbn15.645.0-0.58.51.123.3-27.128.3-28.5Closing fbn179.6222.0226.3237.4233.1253.6221.7247.8216.1Net Flow % of opening4.1%-1.5%2.2%1.2%-2.3%-1.2%-1.9%-1.0%-1.3%Performance % of opening9.9%25.0%-0.2%3.7%0.5%10.0%-10.7%12.8%-11.5%Comparator: Weighted FTSE13.0%21.5%1.0%1.4%16.5%13.4%-9.8%19.5%-9.4%Allshare / DNSCI exIT %Out (Under) Performance %-3.1%3.5%-1.3%2.3%-16.0%-3.4%-0.8%-6.8%-2.1%Net Flow % of opening %2012201320142015201620172018201920202021Sources: IA,Deutsche Bank.See page13 forexplanatory information.Deutsche Bank GroupDeutsche Numis UK Equity Sector Breakdown - AuM, Net FlowsPerformance2025 YTDJan-25Feb-25Mar-25Apr-25May-25 Jun-25 DB EstimateUK All CompaniesOpening fbn136.2140.9140.2133.6134.7139.8Net Flow Ebn-1.26:0--0.7-0.5-0.2-1.2Performance bn5.90.2-5.91.65.31.0Closing fbn140.9140.2133.6134.7139.8139.7Net Flow % of opening-0.9%-0.6%%9'0-0.4%-0.1%-0.8%Net Flow % of opening annualised-10.5%-7.6%-6.3%-4.7%-1.4%-10.0%Performance % of opening4.3%0.1%-4.2%1.2%3.9%0.7%Comparator: FTSE Allshare %5.5%1.3%-2.3%-0.2%4.1%0.5%Out (Under) Performance %-1.2%-1.2%-1.9%1.5%-0.2%0.2%UK Equity IncomeOpening fbn33.534.534.032.432.834.0Net Flow bn-0.3-0.4-0.3-0.2-0.1-0.5Performance fbn1.3-0.1-1.30.61.30.3Closing fbn34.534.032.432.834.0888Net Flow % of opening-0.8%-1.2%-0.8%-0.6%-0.4%-1.3%Net Flow % of opening annualised-9.8%-14.5%-9.8%%8'L--4.8%-16.1%Performance % of opening3.8%-0.2%-3.9%1.9%4. 1%0.9%Comparator: FTSE Allshare %5.5%1.3%-2.3%-0.2%4. 1%0.5%Out (Under) Perform