Pioneer AUM & Flows Ranking

Transcription

1 Pioneer AUM & Flows Ranking Morningstar data February 2017 Economic & Market Research

2 Agenda Pioneer overall ranking by region 1 Top/bottom selling companies o Worldwide 3 o Europe 6 o US 9 o Asia 12 Top/bottom selling categories o Worldwide 15 o Europe 17 o US 19 o Asia 21 Top selling active funds 1 and FoFs by region 23 Top selling Pioneer funds by region 27 Top selling passive funds by region 31 PIONEER LOGO APPEARS HERE page For internal use only. Page ii

3 Highlights February 2017 PIONEER LOGO APPEARS HERE THE MARKET The industry has been selling well in February 2017, with mutual funds gathering worldwide $166bn, 44% of which ($73bn) flowing into active funds. In the active arena, flows were particularly strong for fixed income funds ($48bn), bringing the YTD result for the category to $89bn. Multi asset and alternative products sales have been speeding up too: after some moderate activity in January, the 2 categories saw $13.6bn and $5.7bn inflows respectively in February. The strong positive global result has been widely driven by the appetite of European investors, who dedicated already 100bn to active mutual funds in the first 2 months of the year, with all categories, even active equity funds, showing some inflows on a YTD basis. In the US market, some interest was observed in the active segment just for bond funds (taxable bond in particular), which gathered $32bn YTD, while being equity and money market funds characterized by significant outflows (-$33bn and -$42bn resp.). In Asia, inflows reached $47bn YTD, with positive contributions especially from money market and bond funds. PIONEER Pioneer saw inflows for $530mln in February, bringing the YTD result into positive territory ($210mln). After a bad January, in February some renewed interest was observed for alternative funds, which recorded inflows for $450mln in the month (most of which made in Europe). Pioneer YTD ranking thus improved dramatically in February, with the company going up from 90 th place to 8 th worldwide and from 56 th place to 7 th in Europe. Pioneer results in terms of Multi asset funds have been very good too, thanks especially to European investors. These funds gathered 500mln in the month, bringing the company in 11 th place worldwide and 8 th in Europe, in terms of YTD net flows. In the US, in a persisting difficult market for active funds, Pioneer has been able to keep a very good positioning within the Municipal bond segment, where it ranked 15 th in February, thanks to YTD flows of almost $100mln & CATEGORIES Considering the overall active and passive mutual fund market, Vanguard remained the best performer, with the impressive $86bn sold in just two months, followed at distance by ishares ($38bn) and Amundi ($22bn). In the active segment, Amundi was the top seller globally in February YTD, with $19.7bn inflows ($16.6bn of them being Money market fund sales), followed by Banco do Brazil ($13bn) and PIMCO ($9.7bn). Most of the sales by Amundi and PIMCO pertained to the European market, while in the US Vanguard was the top selling asset manager also in the active space, with $7,8bn inflows into its active fund gamma. For internal use only. Page iii

4 PIONEER RANKING Universe: ACTIVE FUNDS (ex Index, ETF, Feeder & FoF) AUM ranking NET FLOWS ranking Pioneer FLOWS IN THE MONTH Market FLOWS IN THE MONTH Pioneer YTD FLOWS Market YTD FLOWS YTD Δ Dec'16 month YTD YTD Δ prev. month $/ mln $ mln $ mln ^ , ,228 US ($) Europe ( ) 2 Worldwide ($) 1 Equity , ,370 Bond , ,365 Multiasset , ,823 Money mkt ,854 Alternative , ,358 mln mln ^ , ,677 Equity , ,587 Bond , ,837 Multiasset , ,190 Money mkt , ,457 Alternative , ,301 $ mln $ mln ^ , ,946 US Equity , ,165 Intern. Equity , Taxable Bond , ,325 Municipal Bond , ,009 Multiasset , ,468 Money mkt ,625 Alternative ,101 $ mln $ mln ^ , ,086 Asia (ex China) ($) 3 Equity Bond , ,925 Multiasset , ,562 Money mkt , ,832 Alternative _... - _ _ Australia and global cross border funds included in global figures, but not China. Morningstar provides a ranking by brand, not by company, thus in the worldwide ranking Pioneer Pekao and Baroda Pioneer are excluded in Pioneer data. 2 In Europe Pioneer Pekao not included in Pioneer data. 3 Asia includes just local funds. ^ include also "other" category not shown here.

5 PIONEER RANKING Universe: FoF & Feeder funds FoF & Feeder AUM ranking YTD Δ Dec'16 month NET FLOWS ranking YTD YTD Δ prev. month Pioneer FLOWS IN THE MONTH $/ mln $/ mln Worldwide ($) , ,944 Europe ( ) , ,488 US ($) , ,705 $/ mln Market FLOWS IN THE MONTH Pioneer YTD FLOWS Market YTD FLOWS Active & index (ex ETF) PIONEER RANKING Pioneer FLOWS IN Market FLOWS IN AUM ranking NET FLOWS ranking Pioneer YTD FLOWS Market YTD FLOWS THE MONTH THE MONTH YTD Δ Dec'16 month YTD Universe: MUTUAL FUNDS ex ETF^ YTD Δ prev. month $/ mln $/ mln Worldwide $ , ,868 Europe , ,026 US $ , ,550 Asia (ex China) $ , ,168 $/ mln Active & Passive AUM ranking YTD Δ Dec'16 month YTD PIONEER RANKING Universe: ACTIVE & PASSIVE FUNDS^ NET FLOWS ranking $/ mln $/ mln Worldwide $ , ,751 Europe , ,721 US $ , ,196 Asia (ex China) $ , ,380 *Morningstar provides a ranking by brand, not by company, thus in the worldwide ranking Pioneer Pekao and Baroda Pioneer are excluded. *In Europe Pioneer Pekao not included. include also "other" category not shown here. ^ex Feeder and FoFs YTD Δ prev. month Pioneer FLOWS IN THE MONTH $/ mln Market FLOWS IN THE MONTH Pioneer YTD FLOWS Market YTD FLOWS For internal use only Page 2

6 Worldwide Univ: ACTIVE FUNDS (ex Index, ETF)^ Top players by AUM Top sellers month Top sellers Ytd 1 Fidelity 1,761,483 1 PIMCO 5,812 1 Amundi 19,690 2 American Funds 1,338,004 2 JPMorgan 4,976 2 BBDTVM 13,545 3 Vanguard 1,112,331 3 BBDTVM 4,879 3 PIMCO 9,711 4 JPMorgan 878,618 4 BlackRock 4,774 4 Vanguard 8,100 5 BlackRock 689,944 5 Dimensional 3,729 5 Dimensional 7,465 6 T. Rowe Price 528,009 6 Vanguard 3,623 6 Northern 5,678 7 Franklin Templeton 524,228 7 Legal & General 2,833 7 JPMorgan 5,652 8 Goldman Sachs 417,324 8 Dreyfus 2,680 8 BNP Paribas 4,990 9 PIMCO 410,718 9 Aviva 2,571 9 Eurizon Capital 3, Invesco 355, Eurizon Capital 2, Birla Sun Life 3, Pioneer Investments 145, Pioneer Investments Pioneer Investments 213 3,012 Bradesco -3,810 3,089 Federated -10,373 3,013 Amundi -5,794 3,090 Fidelity -16,504 3,014 Goldman Sachs -11,742 3,091 Goldman Sachs -22,025 Total 24,630,614 Total 72,632 Total 133,228 Equity 1 Fidelity 878,529 1 Dimensional 2,560 1 Dimensional 5,232 2 American Funds 873,691 2 Goldman Sachs 1,290 2 Natixis 1,266 3 Vanguard 383,646 3 Nomura 1,172 3 Delta Lloyd 1,247 4 T. Rowe Price 368,029 4 Schroders Lazard 1,157 5 Dimensional 248,221 5 Pictet Pictet 1,130 6 JPMorgan 244,698 6 Natixis Nomura 1,117 7 Franklin Templeton 180,936 7 John Hancock Parnassus 1,115 8 MFS 171,579 8 J O Hambro Eastspring Investments 1,112 9 Invesco 170,104 9 Eurizon Capital RBC 1, Dodge & Cox 130, Parnassus Goldman Sachs 1, Pioneer Investments 43,335 2,066 Pioneer Investments ,105 Pioneer Investments ,108 Harbor -1,189 2,145 Allianz Global Investors -2,012 2,109 AXA -1,342 2,146 Columbia Threadneedle Investments -2,434 2,110 Fidelity -3,400 2,147 Fidelity -11,449 Total 9,371,374 Total -2,884 Total -21,370 Bond 1 PIMCO 360,995 1 PIMCO 5,438 1 PIMCO 9,691 2 Fidelity 223,999 2 Insight 4,925 2 Insight 4,951 3 Vanguard 223,075 3 Itau 2,138 3 Lord Abbett 3,881 4 JPMorgan 145,056 4 Lord Abbett 2,060 4 BBDTVM 3,055 5 Franklin Templeton 143,731 5 Vanguard 1,716 5 Itau 2,846 6 BlackRock 126,393 6 T. Rowe Price 1,659 6 Vanguard 2,507 7 American Funds 96,093 7 BlackRock 1,506 7 T. Rowe Price 2,319 8 Metropolitan West 87,671 8 UBS 1,408 8 Guggenheim 2,285 9 T. Rowe Price 86,556 9 Guggenheim 1,315 9 Credit Suisse 2, Itau 75, AB (AllianceBernstein) 1, BlackRock 2, Pioneer Investments 67,905 1,314 Pioneer Investments ,348 Pioneer Investments ,325 Santander ,351 Santander -1,426 1,326 Danske Invest -1,706 1,352 Franklin Templeton -1,620 1,327 Bradesco -3,329 1,353 Danske Invest -2,720 Total 5,558,294 Total 47,513 Total 89,365 For internal use only Page 3

7 Worldwide Univ: ACTIVE FUNDS (ex Index, ETF)^ Top players by AUM Top sellers month Top sellers Ytd Money mkt Multiasset 1 American Funds 325,624 1 M&G 1,143 1 M&G 1,837 2 Vanguard 153,127 2 Amundi JPMorgan 1,635 3 Fidelity 140,967 3 JPMorgan Allianz Global Investors 1,535 4 Franklin Templeton 123,111 4 Allianz Global Investors Amundi 1,321 5 BlackRock 91,947 5 Union Investment Union Investment 1,254 6 AustralianSuper 75,982 6 Flossbach von Storch Flossbach von Storch 1,177 7 Eurizon Capital 66,571 7 Eurizon Capital American Funds 1,141 8 REST 60,362 8 Pioneer Investments Eurizon Capital 1,114 9 First Eagle 54,096 9 Legg Mason Legg Mason 1, HESTA 49, American Funds AustralianSuper Pioneer Investments 20,685 8 Pioneer Investments Pioneer Investments 925 1,276 Ivy ,304 Ivy ,277 Aletti Gestielle ,305 Aletti Gestielle -1,266 1,278 BlackRock ,306 BlackRock -1,459 Total 3,166,494 Total 13,625 Total 24,823 1 Fidelity 481,852 1 BlackRock 4,641 1 Amundi 16,561 2 JPMorgan 409,985 2 JPMorgan 3,637 2 Northern 5,631 3 BlackRock 305,679 3 Dreyfus 2,911 3 JPMorgan 4,744 4 Goldman Sachs 277,183 4 Legal & General 2,839 4 BNP Paribas 4,228 5 Vanguard 211,998 5 Fidelity 2,589 5 Vanguard 2,832 6 Federated 196,176 6 State Street 1,965 6 Legal & General 2,774 7 Amundi 168,585 7 Birla Sun Life 1,045 7 AXA 2,644 8 Schwab 159,314 8 KIM Dreyfus 2,617 9 Dreyfus 151,467 9 Vanguard Prudential 2, Morgan Stanley 139, Aviva UBS Hana 2, Pioneer Investments Pioneer Investments Pioneer Investments Wells Fargo -2, Fidelity -6, Amundi -6, Federated -10, Goldman Sachs -13, Goldman Sachs -25,063 Total 4,057,167 Total -468 Total 3,854 Alternative 1 Standard Life 46,283 1 Aviva 1,844 1 AQR 2,486 2 BBDTVM 43,099 2 AQR 1,500 2 Aviva 2,054 3 AQR 30,149 3 Old Mutual AdamCapital 1,123 4 BNY Mellon 23,325 4 Pioneer Investments Old Mutual 1,024 5 Natixis 21,630 5 BlackRock Invesco BlackRock 20,515 6 Nordea Goldman Sachs Invesco 19,353 7 Invesco Schroders Aviva 14,773 8 Mercer Global Investments Pioneer Investments JPMorgan 12,082 9 Legg Mason Deutsche Asset Management LGT 12, Deutsche Asset Management Nordea Pioneer Investments 7,305 4 Pioneer Investments Pioneer Investments Standard Life JPMorgan -1, STB Asset Management Standard Life -1, JPMorgan Bradesco -2,590 Total 740,842 Total 5,680 Total 8,358 Australia and global cross border funds included in global figures, but not China. "Pioneer investments" excludes Pioneer Pekao and Baroda Pioneer. include also "other" category not shown here. ^ Feeder and FoFs also excluded. For internal use only Page 4

8 Worldwide Universe: FoF & Feeder funds Top players by AUM Top sellers month Top sellers Ytd 1 Vanguard 378,219 1 Vanguard 4,859 1 Vanguard 12,991 2 Fidelity 296,898 2 BBDTVM 2,616 2 BBDTVM 9,236 3 T. Rowe Price 171,625 3 Itau 2,049 3 American Funds 4,428 4 Itau 133,865 4 American Funds 1,722 4 Itau 3,331 5 Bradesco 97,733 5 Goldman Sachs 1,245 5 Amundi 3,104 6 BBDTVM 96,300 6 BlackRock 1,047 6 T. Rowe Price 2,209 7 American Funds 92,237 7 Amundi 1,016 7 BlackRock 1,983 8 JPMorgan 70,822 8 RBC Caixa 1,647 9 Santander 69,979 9 T. Rowe Price RBC 1, Eastspring Investments 66, Fidelity Bradesco 1, Pioneer Investments 25,541 1,255 Pioneer Investments ,280 Pioneer Investments ,261 HSBC -1,017 1,289 Fidelity -2,439 1,262 Wells Fargo -3,545 1,290 Wells Fargo -5,138 1,263 Eastspring Investments -6,432 1,291 Eastspring Investments -11,268 Total 3,924,554 Total 14,821 Total 37,944 Worldwide Univ: MUTUTAL FUNDS ex ETF^ Top players by AUM Top sellers month Top sellers Ytd 1 Vanguard 3,306,490 1 Vanguard 21,528 1 Vanguard 56,887 2 Fidelity 2,038,837 2 BlackRock 5,825 2 Amundi 19,788 3 American Funds 1,338,004 3 PIMCO 5,812 3 BBDTVM 13,543 4 JPMorgan 880,329 4 Insight 4,994 4 PIMCO 9,711 5 BlackRock 795,967 5 JPMorgan 4,919 5 Dimensional 7,582 6 T. Rowe Price 561,044 6 BBDTVM 4,877 6 Northern 5,858 7 Franklin Templeton 524,314 7 Dimensional 3,715 7 JPMorgan 5,577 8 Goldman Sachs 417,324 8 Fidelity 3,594 8 BNP Paribas 5,202 9 PIMCO 410,718 9 Legal & General 3,109 9 Eurizon Capital 3, Invesco 364, Dreyfus 2, State Street 3, Pioneer Investments 146, Pioneer Investments Pioneer Investments 96 3,032 Bradesco -3,870 3,110 Fidelity -10,016 3,033 Amundi -5,999 3,111 Federated -10,399 3,034 Goldman Sachs -11,742 3,112 Goldman Sachs -22,025 Total 28,167,475 Total 97,490 Total 196,868 Worldwide Univ: ACTIVE & PASSIVE FUNDS (incl. ETF)^ Top players by AUM Top sellers month Top sellers Ytd 1 Vanguard 4,014,646 1 Vanguard 34,921 1 Vanguard 85,705 2 Fidelity 2,044,569 2 ishares 19,522 2 ishares 38,182 3 ishares 1,385,389 3 State Street 11,362 3 Amundi 22,144 4 American Funds 1,338,004 4 PIMCO 6,270 4 State Street 14,099 5 JPMorgan 885,502 5 BlackRock 6,105 5 BBDTVM 13,543 6 BlackRock 802,332 6 JPMorgan 5,011 6 PIMCO 10,257 7 State Street 641,743 7 Insight 4,994 7 Nomura 8,496 8 Franklin Templeton 576,637 8 BBDTVM 4,877 8 Dimensional 7,582 9 T. Rowe Price 561,044 9 Nomura 4,113 9 Northern 5, PIMCO 430, Fidelity 3, JPMorgan 5, Pioneer Investments 146, Pioneer Investments Pioneer Investments 96 3,116 Bradesco -3,870 3,194 Fidelity -9,654 3,117 Amundi -4,346 3,195 Federated -10,399 3,118 Goldman Sachs -11,718 3,196 Goldman Sachs -21,869 Total 31,967,309 Total 166,452 Total 328,751 Australia and global cross border funds included in global figures, but not China. "Pioneer investments" excludes Pioneer Pekao and Baroda Pioneer. include also "other" category not shown here. ^ Feeder and FoFs also excluded. For internal use only Page 5

9 Europe Univ: ACTIVE FUNDS (ex Index, ETF)^ Top players by AUM mln Top sellers month mln Top sellers Ytd mln 1 BlackRock 296,796 1 Insight 4,709 1 Amundi 18,109 2 JPMorgan 296,220 2 PIMCO 4,241 2 PIMCO 6,619 3 Amundi 272,807 3 Legal & General 2,666 3 JPMorgan 5,620 4 BNP Paribas 174,752 4 Aviva 2,419 4 BNP Paribas 4,548 5 Deutsche Asset Management 165,420 5 State Street 2,237 5 Eurizon Capital 3,449 6 Fidelity 151,043 6 Eurizon Capital 2,210 6 AXA 3,233 7 UBS 150,642 7 JPMorgan 1,551 7 BlackRock 2,938 8 Schroders 144,699 8 M&G 1,523 8 Aviva 2,546 9 Union Investment 143,442 9 Schroders 1,434 9 Invesco 2, Nordea 142, UBS 1, Legal & General 2, Pioneer Investments 100, Pioneer Investments Pioneer Investments 542 1,356 KBC -1,507 1,386 Danske Invest -2,093 1,357 Goldman Sachs -1,561 1,387 KBC -2,095 1,358 Amundi -5,460 1,388 Goldman Sachs -4,087 Total 7,715,657 Total 37,570 Total 99,677 Equity 1 Fidelity 96,712 1 Goldman Sachs 1,340 1 Goldman Sachs 1,361 2 Schroders 84,684 2 Schroders Delta Lloyd 1,154 3 Deutsche Asset Management 73,772 3 Pictet Eastspring Investments 1,123 4 BlackRock 70,940 4 Eurizon Capital Pictet 1,004 5 JPMorgan 67,984 5 Morgan Stanley Schroders Invesco 56,549 6 Eastspring Investments DNB UBS 46,462 7 Wellington Management Robeco Swedbank 45,703 8 CapitalatWork Eurizon Capital Nordea 42,894 9 Handelsbanken Wellington Management Franklin Templeton 41, Lazard Morgan Stanley Pioneer Investments 23, Pioneer Investments Pioneer Investments ABN AMRO ,002 Henderson BlackRock ,003 AXA AXA ,004 Allianz Global Investors -926 Total 2,468,519 Total 1,534 Total 5,587 Bond 1 PIMCO 96,493 1 Insight 4,635 1 PIMCO 6,417 2 BlackRock 57,204 2 PIMCO 4,123 2 Insight 4,658 3 Nordea 56,215 3 UBS 1,286 3 Credit Suisse 1,953 4 Franklin Templeton 55,403 4 BlackRock 1,198 4 Carmignac 1,898 5 UBS 52,123 5 Carmignac 1,124 5 BlackRock 1,712 6 Pioneer Investments 48,185 6 Swiss Re 1,001 6 Invesco 1,669 7 AXA 46,192 7 Muzinich AXA 1,562 8 Amundi 45,513 8 GAM Eurizon Capital 1,541 9 JPMorgan 43,507 9 Eurizon Capital GAM 1, Deutsche Asset Management 41, AXA UBS 1,399 6 Pioneer Investments 48, Pioneer Investments Pioneer Investments LGIM KBC KBC Lægernes Invest Danske Invest -1, Danske Invest -2,544 Total 2,138,501 Total 24,309 Total 38,837 For internal use only Page 6

10 Europe Univ: ACTIVE FUNDS (ex Index, ETF)^ Top players by AUM mln Top sellers month mln Top sellers Ytd mln Multiasset 1 Eurizon Capital 62,650 1 M&G 1,075 1 M&G 1,716 2 BlackRock 32,279 2 Amundi Allianz Global Investors 1,419 3 Carmignac 29,657 3 Allianz Global Investors Union Investment 1,170 4 UBS 29,205 4 Union Investment Flossbach von Storch 1,097 5 Nordea 28,689 5 JPMorgan Amundi 1,060 6 M&G 28,575 6 Flossbach von Storch Eurizon Capital 1,039 7 Capfi Delen Asset Management 28,073 7 Pioneer Investments JPMorgan Allianz Global Investors 27,914 8 Eurizon Capital Pioneer Investments JPMorgan 26,079 9 BNP Paribas BNP Paribas KBC 22, Fidelity Fidelity Pioneer Investments 17,910 7 Pioneer Investments Pioneer Investments Bantleon Bank IM Deutsche Asset Management Deutsche Asset Management Aletti Gestielle Aletti Gestielle -1,178 Total 1,166,188 Total 9,727 Total 17,190 Money mkt 1 Amundi 158,653 1 Legal & General 2,671 1 Amundi 15,220 2 JPMorgan 146,893 2 State Street 1,856 2 JPMorgan 4,118 3 BlackRock 115,924 3 JPMorgan BNP Paribas 3,882 4 Goldman Sachs 89,382 4 Aviva Legal & General 2,612 5 BNP Paribas 77,254 5 Crédit Mutuel AXA 2,527 6 Natixis 38,816 6 AXA Morgan Stanley 1,992 7 HSBC 37,343 7 Ignis State Street 1,801 8 Crédit Mutuel 35,015 8 BlackRock Generali 1,545 9 Morgan Stanley 34,198 9 NN IP Aviva 1, Legal & General 33, La Caixa OFI Pioneer Investments Pioneer Investments 4 49 Pioneer Investments Groupama Deutsche Bank -1, Goldman Sachs -3, Insight -2, Amundi -6, Goldman Sachs -6,799 Total 1,205,700 Total -4,135 Total 26,457 Alternative 1 Standard Life 43,556 1 Aviva 1,735 1 Aviva 1,930 2 BNY Mellon 21,373 2 AQR AQR 1,203 3 Invesco 17,248 3 Old Mutual Old Mutual BlackRock 14,480 4 Pioneer Investments Invesco Aviva 13,903 5 BlackRock Goldman Sachs JPMorgan 9,610 6 Nordea Schroders Old Mutual 9,237 7 Invesco Pioneer Investments Deutsche Asset Management 8,526 8 Mercer Global Investments BlackRock GAM 8,308 9 Legg Mason Deutsche Asset Management Schroders 8, Deutsche Asset Management Nordea Pioneer Investments 6,875 4 Pioneer Investments Pioneer Investments GAM GAM Standard Life JPMorgan JPMorgan Standard Life -1,310 Total 409,724 Total 5,347 Total 8,301 "Pioneer investments" excludes Pioneer Pekao. "" include also "other" category not shown here. ^ Feeder and FoFs also excluded. For internal use only Page 7

11 Europe Universe: FoF & Feeder funds Top players by AUM mln Top sellers month mln Top sellers Ytd mln 1 Amundi 47,695 1 Amundi 1,068 1 Amundi 3,117 2 BNP Paribas 28,144 2 BBVA Deutsche Asset Management Nordea 25,546 3 SEI BBVA Pioneer Investments 23,530 4 Vanguard Vanguard Deutsche Asset Management 23,077 5 Bankia BNP Paribas Credit Suisse 19,011 6 BNP Paribas SEI Deka 17,726 7 Credit Suisse Bankia Mediolanum 16,200 8 Deutsche Asset Management Credit Suisse Standard Life 15,607 9 Pictet DNB BlackRock 15, Legal & General Legal & General Pioneer Investments 23, Pioneer Investments Pioneer Investments Pioneer Investments Eurizon Capital UBS Crédit Mutuel Crédit Mutuel Pioneer Investments -405 Total 809,825 Total 4,701 Total 11,488 Europe Univ: MUTUTAL FUNDS ex ETF^ 1 BlackRock 384,698 1 Insight 4,709 1 Amundi 18,246 2 JPMorgan 296,220 2 PIMCO 4,241 2 PIMCO 6,619 3 Amundi 278,151 3 Legal & General 2,926 3 JPMorgan 5,620 4 UBS 224,654 4 Aviva 2,416 4 BNP Paribas 4,986 5 BNP Paribas 179,588 5 Eurizon Capital 2,087 5 BlackRock 3,533 6 Deutsche Asset Management 165,420 6 BlackRock 1,802 6 AXA 3,238 7 Fidelity 155,552 7 State Street 1,779 7 Eurizon Capital 3,210 8 Union Investment 144,997 8 JPMorgan 1,551 8 Legal & General 3,108 9 Schroders 144,699 9 M&G 1,526 9 Credit Suisse 3, Nordea 144, Schroders 1, Invesco 2, Pioneer Investments 101, Pioneer Investments Pioneer Investments 433 1,364 RBS -1,403 1,395 Danske Invest -1,714 1,365 Goldman Sachs -1,561 1,396 KBC -1,735 1,366 Amundi -5,638 1,397 Goldman Sachs -4,087 Total 8,305,362 Total 39,347 Total 105,026 Europe Univ: ACTIVE & PASSIVE FUNDS (incl. ETF)^ 1 BlackRock 384,698 1 Insight 4,709 1 Amundi 20,452 2 Amundi 306,104 2 PIMCO 4,383 2 ishares 7,256 3 JPMorgan 296,220 3 ishares 3,510 3 PIMCO 6,963 4 ishares 267,893 4 Legal & General 2,926 4 JPMorgan 5,620 5 UBS 257,615 5 Aviva 2,416 5 BNP Paribas 4,978 6 BNP Paribas 180,332 6 UBS 2,385 6 UBS 3,798 7 Deutsche Asset Management 165,420 7 Lyxor 2,347 7 State Street 3,631 8 Fidelity 155,552 8 State Street 2,283 8 BlackRock 3,533 9 Union Investment 144,997 9 Eurizon Capital 2,087 9 Lyxor 3, Schroders 144, BlackRock 1, AXA 3, Pioneer Investments 101, Pioneer Investments Pioneer Investments 433 1,376 RBS -1,403 1,407 Danske Invest -1,714 1,377 Goldman Sachs -1,561 1,408 KBC -1,735 1,378 Amundi -4,082 1,409 Goldman Sachs -4,087 Total 8,888,727 Total 50,726 Total 127,721 "Pioneer investments" excludes Pioneer Pekao. "" include also "other" category not shown here. ^ Feeder and FoFs also excluded. For internal use only Page 8

12 US Univ: ACTIVE FUNDS (ex Index, ETF)^ Top players by AUM Top sellers month Top sellers Ytd 1 Fidelity Investments 1,473,514 1 BlackRock 4,514 1 Vanguard 7,799 2 American Funds 1,338,004 2 Vanguard 3,504 2 Northern Funds 5,678 3 Vanguard 1,091,401 3 JPMorgan 3,129 3 UBS 3,201 4 JPMorgan 529,427 4 Dreyfus 2,680 4 American Funds 2,505 5 T. Rowe Price 513,220 5 State Street Global Advisors (Chicago) 2,143 5 Lord Abbett 2,484 6 BlackRock 451,816 6 Deutsche Asset Management 1,723 6 Dreyfus 2,473 7 Franklin Templeton Investments 405,692 7 T. Rowe Price 1,690 7 Guggenheim Investments 2,340 8 Pimco 295,213 8 Lord Abbett 1,547 8 T. Rowe Price 2,188 9 Goldman Sachs 262,279 9 Guggenheim Investments 1,346 9 Pimco 2, Federated 251, American Funds 1, Nuveen 1, Pioneer Investments 38, Pioneer Investments Pioneer Investments Federated -1, Federated -10, Wells Fargo Funds -2, Fidelity Investments -17, Goldman Sachs -10, Goldman Sachs -17,780 Total 12,678,542 Total 7,689 Total -47,946 Taxable bond International Equity US Equity 1 Fidelity Investments 612,167 1 Parnassus Parnassus 1,114 2 American Funds 525,986 2 DoubleLine DoubleLine Vanguard 324,808 3 John Hancock PRIMECAP Odyssey Funds T. Rowe Price 296,585 4 T. Rowe Price Dodge & Cox JPMorgan 131,173 5 PRIMECAP Odyssey Funds Edgewood MFS 94,754 6 Principal Funds Legg Mason Invesco 83,747 7 Hamlin Capital Management, LLC Bridge Builder Columbia 72,018 8 Legg Mason Victory American Century Investments 71,832 9 Dodge & Cox Oakmark Janus 70, KP Funds Hamlin Capital Management, LLC Pioneer Investments 17, Pioneer Investments Pioneer Investments Columbia Vanguard -1, Prudential Investments Columbia -1, Fidelity Investments -2, Fidelity Investments -9,160 Total 4,132,304 Total -10,138 Total -33,165 1 American Funds 347,705 1 Oakmark Oakmark 1,228 2 Fidelity Investments 102,468 2 American Funds FMI Funds OppenheimerFunds 75,412 3 Harding Loevner Harding Loevner Dodge & Cox 64,691 4 FMI Funds Lazard Franklin Templeton Investments 62,440 5 JOHCM Funds Hartford Mutual Funds T. Rowe Price 61,882 6 John Hancock OppenheimerFunds MFS 53,008 7 Nationwide First Eagle Vanguard 41,400 8 First Eagle Nationwide Harbor 35,277 9 OppenheimerFunds JOHCM Funds Oakmark 35, Bridge Builder American Funds Pioneer Investments Pioneer Investments Pioneer Investments Franklin Templeton Investments GMO -1, GMO Harbor -1, Harbor -1, Fidelity Investments -1,670 Total 1,517,080 Total 1,163 Total 65 1 Pimco 251,135 1 Lord Abbett 1,900 1 Lord Abbett 3,516 2 Vanguard 223,075 2 Vanguard 1,716 2 Vanguard 2,507 3 Fidelity Investments 166,062 3 Guggenheim Investments 1,285 3 Pimco 2,304 4 American Funds 96,093 4 T. Rowe Price 1,186 4 Guggenheim Investments 2,304 5 JPMorgan 92,661 5 Pimco T. Rowe Price 1,689 6 Metropolitan West Funds 87,671 6 Baird Baird 1,477 7 T. Rowe Price 81,384 7 American Funds American Funds 1,258 8 Franklin Templeton Investments 76,826 8 Prudential Investments Morgan Stanley 1,167 9 BlackRock 74,366 9 Legg Mason Eaton Vance Lord Abbett 73, Morgan Stanley Prudential Investments Pioneer Investments 16, Pioneer Investments Pioneer Investments Stone Harbor Natixis Funds Wells Fargo Funds Legg Mason Franklin Templeton Investments Franklin Templeton Investments -1,505 Total 2,334,707 Total 16,999 Total 26,325 For internal use only Page 9

13 US Univ: ACTIVE FUNDS (ex Index, ETF)^ Top players by AUM Top sellers month Top sellers Ytd Municipal bond 1 Vanguard 136,660 1 Vanguard 1,349 1 Vanguard 3,618 2 Franklin Templeton Investments 67,461 2 Nuveen Nuveen 1,048 3 Nuveen 39,925 3 MainStay MainStay Fidelity Investments 30,800 4 Invesco Invesco American Funds 24,631 5 T. Rowe Price Goldman Sachs OppenheimerFunds 23,148 6 Goldman Sachs MFS Wells Fargo Funds 20,746 7 OppenheimerFunds OppenheimerFunds T. Rowe Price 20,121 8 Aspiriant AllianceBernstein AllianceBernstein 18,243 9 AllianceBernstein 98 9 Fidelity Investments Invesco 15, Old Westbury American Funds Pioneer Investments 1, Pioneer Investments 3 15 Pioneer Investments Columbia Legg Mason Franklin Templeton Investments Lord Abbett Deutsche Asset Management Franklin Templeton Investments -388 Total 622,293 Total 2,186 Total 6,009 Multiasset 1 American Funds 325,624 1 American Funds American Funds 1,141 2 Vanguard 151,176 2 First Eagle First Eagle Franklin Templeton Investments 116,338 3 Vanguard Vanguard Fidelity Investments 90,166 4 FPA Hartford Mutual Funds BlackRock 58,730 5 Hartford Mutual Funds Columbia First Eagle 54,096 6 Nuveen 78 6 FPA T. Rowe Price 37,258 7 Columbia 78 7 Nuveen Invesco 21,469 8 Chiron Investment Management 64 8 Chiron Investment Management FPA 17,386 9 Old Westbury 59 9 Old Westbury Jackson National 16, SEI SEI Pioneer Investments 1, Pioneer Investments Pioneer Investments Franklin Templeton Investments Franklin Templeton Investments Ivy Funds Ivy Funds BlackRock BlackRock -1,507 Total 1,211,212 Total -2,161 Total -4,468 Money mkt 1 Fidelity Investments 468,182 1 BlackRock 5,216 1 Northern Funds 5,631 2 JPMorgan 253,548 2 Dreyfus 2,911 2 UBS 3,385 3 BlackRock 248,202 3 JPMorgan 2,678 3 Vanguard 2,824 4 Vanguard 211,914 4 Fidelity Investments 2,497 4 Dreyfus 2,617 5 Federated 185,849 5 Deutsche Asset Management 2,156 5 Prudential Investments 2,598 6 Goldman Sachs 182,206 6 State Street Global Advisors (Chicago) 2,151 6 Deutsche Asset Management 2,500 7 Schwab Funds 159,314 7 Franklin Templeton Investments BlackRock Dreyfus 151,467 8 Vanguard State Street Global Advisors (Chicago) Morgan Stanley 103,061 9 UBS Franklin Templeton Investments Northern Funds 96, Prudential Investments T. Rowe Price Pioneer Investments Pioneer Investments Pioneer Investments Invesco -1, Morgan Stanley -7, Wells Fargo Funds -2, Federated -10, Goldman Sachs -10, Goldman Sachs -17,777 Total 2,671,943 Total -108 Total -41,625 Alternative 1 AQR Funds 26,453 1 AQR Funds AQR Funds 1,202 2 Natixis Funds 12,622 2 Direxion Funds Catalyst Mutual Funds Pimco 9,319 3 Diamond Hill Funds 80 3 Calamos Boston Partners 8,403 4 Litman Gregory Masters Funds 67 4 Direxion Funds John Hancock 8,078 5 Guggenheim Investments 67 5 Litman Gregory Masters Funds 94 6 BlackRock 5,035 6 American Beacon 60 6 Diamond Hill Funds 83 7 Catalyst Mutual Funds 4,741 7 Calamos 57 7 Vanguard 69 8 Diamond Hill Funds 4,731 8 Catalyst Mutual Funds 36 8 Goldman Sachs 63 9 Calamos 4,434 9 Vanguard 33 9 Principal Funds Blackstone 4, Arbitrage Fund Highmore 53 - Pioneer Investments - - Pioneer Investments - - Pioneer Investments Blackstone Natixis Funds Natixis Funds Equinox Funds Trust John Hancock John Hancock -742 Total 163,964 Total -531 Total -1,101 "" include also "other" category not shown here. ^ Feeder and FoFs also excluded. For internal use only Page 10

14 US Universe: FoF & Feeder funds Top players by AUM Top sellers month Top sellers Ytd 1 Vanguard 365,663 1 Vanguard 4,283 1 Vanguard 12,139 2 Fidelity Investments 277,162 2 American Funds 1,722 2 American Funds 4,428 3 T. Rowe Price 171,625 3 T. Rowe Price T. Rowe Price 2,209 4 American Funds 92,237 4 Fidelity Investments State Street Global Advisors (Chicago) 1,237 5 JPMorgan 62,675 5 TIAA-CREF Asset Management TIAA-CREF Asset Management John Hancock 55,912 6 JPMorgan Dimensional Fund Advisors AXA Equitable 46,884 7 Dimensional Fund Advisors Swan Jackson National 43,263 8 Eaton Vance 84 8 State Farm Principal Funds 40,849 9 RBB Funds 69 9 RBB Funds TIAA-CREF Asset Management 34, Swan American Century Investments Pioneer Investments Pioneer Investments Pioneer Investments John Hancock John Hancock -1, GMO Fidelity Investments -2, Wells Fargo Funds -3, Wells Fargo Funds -3,466 Total 1,547,823 Total 2,990 Total 10,705 US Univ: MUTUTAL FUNDS ex ETF^ 1 Vanguard 3,175,342 1 Vanguard 19,901 1 Vanguard 53,709 2 Fidelity Investments 1,746,054 2 BlackRock 5,847 2 Dimensional Fund Advisors 6,985 3 American Funds 1,338,004 3 Dimensional Fund Advisors 3,426 3 Northern Funds 5,858 4 T. Rowe Price 546,255 4 Fidelity Investments 3,371 4 UBS 3,201 5 JPMorgan 531,138 5 JPMorgan 3,072 5 Dreyfus 2,702 6 BlackRock 485,958 6 Dreyfus 2,757 6 American Funds 2,505 7 Franklin Templeton Investments 405,692 7 State Street Global Advisors (Chicago) 2,232 7 Lord Abbett 2,484 8 Dimensional Fund Advisors 336,083 8 Deutsche Asset Management 1,716 8 Guggenheim Investments 2,307 9 Pimco 295,213 9 Lord Abbett 1,547 9 T. Rowe Price 2, Goldman Sachs 262, T. Rowe Price 1, TIAA-CREF Asset Management 2, Pioneer Investments 38, Pioneer Investments Pioneer Investments Federated -1, Federated -10, Wells Fargo Funds -2, Fidelity Investments -11, Goldman Sachs -10, Goldman Sachs -17,780 Total 15,776,887 Total 33,574 Total 15,550 US Univ: ACTIVE & PASSIVE FUNDS (incl. ETF)^ 1 Vanguard 3,842,984 1 Vanguard 33,297 1 Vanguard 81,291 2 Fidelity Investments 1,751,786 2 ishares 15,417 2 ishares 30,282 3 American Funds 1,338,004 3 SPDR State Street Global Advisors 9,341 3 SPDR State Street Global Advisors 9,946 4 ishares 1,046,407 4 BlackRock 5,847 4 Dimensional Fund Advisors 6,985 5 T. Rowe Price 546,255 5 Fidelity Investments 3,575 5 Northern Funds 5,858 6 JPMorgan 536,311 6 Dimensional Fund Advisors 3,426 6 Schwab ETFs 4,462 7 SPDR State Street Global Advisors 535,893 7 JPMorgan 3,164 7 PowerShares 4,219 8 BlackRock 485,958 8 Dreyfus 2,757 8 Guggenheim Investments 3,788 9 Franklin Templeton Investments 406,297 9 Schwab ETFs 2,257 9 UBS 3, Dimensional Fund Advisors 336, State Street Global Advisors (Chicago) 2, Van Eck 3, Pioneer Investments 38, Pioneer Investments Pioneer Investments Federated -1, Federated -10, Wells Fargo Funds -2, Fidelity Investments -10, Goldman Sachs -10, Goldman Sachs -17,624 Total 18,518,579 Total 82,881 Total 105,196 "" include also "other" category not shown here. ^ Feeder and FoFs also excluded. For internal use only Page 11

15 Asia (ex China) Univ: ACTIVE FUNDS (ex Index, ETF)^ Top players by AUM Top sellers month Top sellers Ytd 1 Daiwa 33,609 1 Birla Sun Life 1,583 1 Birla Sun Life 3,325 2 ICICI Prudential 32,599 2 Nomura 1,270 2 ICICI Prudential 2,698 3 HDFC 32,043 3 ICICI Prudential UBS Hana 2,309 4 Fidelity 30,345 4 KIM Siam Commercial Bank 2,139 5 Mitsubishi UFJ 29,781 5 Siam Commercial Bank AXIS 1,910 6 KB Asset Management 28,845 6 DSP BlackRock Reliance 1,668 7 Birla Sun Life 28,222 7 SBI Kotak 1,489 8 JPMorgan 26,864 8 Reliance UTI 1,452 9 Nomura 25,966 9 Kotak HDFC 1, Reliance 25, Hanwha Group NH-CA 1, Pioneer Investments 1, Pioneer Investments Pioneer Investments JM Financial Mitsubishi UFJ STB Asset Management STB Asset Management Hyundai Nikko AM -641 Total 1,076,565 Total 17,791 Total 47,086 Bond Equity 1 Fidelity 20,860 1 Nomura 1,215 1 Nomura 1,231 2 Nikko AM 20,131 2 AM One AM One Nomura 17,017 3 Daiwa Daiwa Daiwa 15,244 4 Rheos Capital Works Birla Sun Life JPMorgan 14,723 5 DSP BlackRock SBI AM One 14,637 6 SBI Public Mutual Mitsubishi UFJ 14,034 7 Birla Sun Life 94 7 HDFC Public Mutual 12,054 8 Public Mutual 85 8 DSP BlackRock HDFC 8,998 9 Kotak 74 9 ICICI Prudential ICICI Prudential 7, Manulife Asset Management Kotak Pioneer Investments Pioneer Investments 1 55 Pioneer Investments Mirae Asset Mitsubishi UFJ Value Partners Mirae Asset Mitsubishi UFJ Nikko AM -464 Total 344,100 Total 460 Total KASIKORNBANK 16,352 1 Siam Commercial Bank Siam Commercial Bank 2,105 2 Daiwa 15,906 2 HSBC KASIKORNBANK 1,078 3 Birla Sun Life 14,351 3 Krung Thai Bank Krung Thai Bank 1,047 4 Mitsubishi UFJ 14,285 4 KASIKORNBANK Birla Sun Life ICICI Prudential 12,406 5 Bank of Ayudhya ICICI Prudential Siam Commercial Bank 12,220 6 Birla Sun Life Bank of Ayudhya Reliance 11,466 7 Bangkok Bank Franklin Templeton HDFC 11,399 8 Thanachart Bank HSBC Fidelity 9,386 9 Franklin Templeton Thanachart Bank AM One 7, Fidelity Bangkok Bank Pioneer Investments Pioneer Investments Pioneer Investments Mitsubishi UFJ Hanwha Group Fullerton JPMorgan Daiwa Daiwa -433 Total 296,389 Total 4,539 Total 12,925 For internal use only Page 12

16 Asia (ex China) Univ: ACTIVE FUNDS (ex Index, ETF)^ Top players by AUM Top sellers month Top sellers Ytd Multiasset 1 Schroders 7,663 1 Legg Mason Legg Mason 1,002 2 JPMorgan 5,576 2 JPMorgan JPMorgan Legg Mason 5,280 3 ICICI Prudential ICICI Prudential HDFC 5,056 4 HDFC HDFC ICICI Prudential 4,665 5 Siam Commercial Bank Siam Commercial Bank Tokio Marine Asset Management 3,405 6 Tokio Marine Asset Management Schroders AM One 2,815 7 Shinhan BNP Paribas Tokio Marine Asset Management UTI 2,106 8 Schroders Birla Sun Life Mirae Asset 1,887 9 Amundi Amundi SBI 1, Birla Sun Life SBI Pioneer Investments Pioneer Investments 5 35 Pioneer Investments HSBC BlackRock AM One HSBC BlackRock AM One -148 Total 79,179 Total 1,844 Total 3,562 Money mkt 1 UBS Hana 9,967 1 Birla Sun Life 1,045 1 UBS Hana 2,399 2 Samsung 8,040 2 KIM Birla Sun Life 2,070 3 Kiwoom 7,953 3 Hanwha Group AXIS 1,597 4 Shinhan BNP Paribas 7,366 4 Reliance Hanwha Group 1,412 5 ICICI Prudential 6,959 5 SBI Reliance 1,333 6 Birla Sun Life 6,189 6 Samsung ICICI Prudential 1,293 7 HDFC 5,938 7 ICICI Prudential KIM 1,161 8 Reliance 5,829 8 KB Asset Management UTI 1,035 9 Hyundai 5,372 9 DSP BlackRock Kiwoom KB Asset Management 5, AXIS Kotak Pioneer Investments Pioneer Investments Pioneer Investments HDFC Capital Investment Trust Hyundai Taishin Investment Trust Siam Commercial Bank Siam Commercial Bank -274 Total 212,745 Total 11,372 Total 29,832 Alternative 1 ICICI Prudential 1,063 1 Mitsubishi UFJ 72 1 Mitsubishi UFJ 94 2 Nomura 1,049 2 Birla Sun Life 29 2 ICICI Prudential 58 3 Daiwa 1,020 3 Kotak 21 3 Birla Sun Life 35 4 Kotak ICICI Prudential 21 4 Reliance 33 5 HDFC Edelweiss 20 5 AXIS 23 6 Mirae Asset Reliance 14 6 Edelweiss 23 7 Reliance KB Asset Management 13 7 Rakuten 17 8 Natixis AXIS 11 8 SBI 16 9 AM One NH-CA 11 9 Eastspring Investments JM Financial HDFC BNY Mellon 13 _ Pioneer Investments - - Pioneer Investments - _ Pioneer Investments _ 56 Mirae Asset NH-CA JM Financial JM Financial STB Asset Management STB Asset Management -580 Total 11,079 Total -567 Total -684 "" include also "other" category not shown here. ^ Feeder and FoFs also excluded. Just local funds considered for Asia, China not included. For internal use only Page 13

17 Asia (ex China) Universe: FoF & Feeder funds Top players by AUM Top sellers month Top sellers Ytd 1 Eastspring Investments 66,656 1 Goldman Sachs 1,244 1 Goldman Sachs 1,188 2 Nomura 39,679 2 NAM NAM Daiwa 26,884 3 STB Asset Management Franklin Templeton AM One 25,513 4 Deutsche Bank Deutsche Bank STB Asset Management 13,691 5 AB (AllianceBernstein) Daiwa Mirae Asset 13,405 6 Daiwa STB Asset Management Mitsubishi UFJ 12,624 7 BlackRock AB (AllianceBernstein) Nikko AM 11,088 8 TMB Bank TMB Bank Daiwa SB Investments 10,983 9 Eugene BlackRock Pictet 10, Resona Group Eugene 174 Pioneer Investments - Pioneer Investments - Pioneer Investments KB Asset Management Nomura Nomura AM One Eastspring Investments -6, Eastspring Investments -11,268 Total 360,115 Total -4,223 Total -9,703 Asia (ex China) Univ: MUTUTAL FUNDS ex ETF^ 1 Nomura 45,102 1 Birla Sun Life 1,583 1 Birla Sun Life 3,325 2 Mitsubishi UFJ 42,942 2 Nomura 1,330 2 ICICI Prudential 2,696 3 Daiwa 41,511 3 ICICI Prudential UBS Hana 2,298 4 AM One 35,945 4 KIM Siam Commercial Bank 2,144 5 ICICI Prudential 32,643 5 Siam Commercial Bank AXIS 1,910 6 HDFC 32,088 6 DSP BlackRock Reliance 1,663 7 Nikko AM 30,539 7 SBI Kotak 1,489 8 Fidelity 30,368 8 Reliance UTI 1,451 9 KB Asset Management 29,590 9 Kotak HDFC 1, Birla Sun Life 28, Hanwha Group Nomura 1, Baroda Pioneer 1, Baroda Pioneer Baroda Pioneer JM Financial Mitsubishi UFJ STB Asset Management STB Asset Management Hyundai Nikko AM -776 Total 1,159,288 Total 17,959 Total 47,168 Asia (ex China) Univ: ACTIVE & PASSIVE FUNDS (incl. ETF)^ 1 Nomura 135,703 1 Nomura 4,099 1 Nomura 8,381 2 Daiwa 80,243 2 Nikko AM 1,834 2 Birla Sun Life 3,325 3 Nikko AM 69,545 3 Birla Sun Life 1,583 3 Daiwa 3,013 4 Mitsubishi UFJ 59,462 4 Daiwa 1,515 4 Nikko AM 3,002 5 AM One 40,414 5 ICICI Prudential ICICI Prudential 2,702 6 ICICI Prudential 32,811 6 SBI UBS Hana 2,300 7 HDFC 32,205 7 KIM Reliance 2,212 8 KB Asset Management 31,049 8 Siam Commercial Bank Siam Commercial Bank 2,144 9 Fidelity 30,368 9 DSP BlackRock AXIS 1, Samsung 29, Kotak UTI 1, Baroda Pioneer 1, Baroda Pioneer Baroda Pioneer Hang Seng KB Asset Management STB Asset Management STB Asset Management Hyundai Hang Seng -693 Total 1,433,916 Total 24,238 Total 63,380 "" include also "other" category not shown here. ^ Feeder and FoFs also excluded. Just local funds considered for Asia, China not included. For internal use only Page 14

18 Rank Worldwide Category TOP/BOTTOM SELLING ACTIVE CATEGORIES Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) MARKET PIONEER Morningstar Flows (mln $) AUM (mln $) Flows (mln $) AUM (mln $) YTD previous yr YTD previous yr Feb'16 Feb'16 Top 20 Bottom 20 1 Asia Money Market 30,247 22, ,449 2 Other Fixed Income 25,969-5, , ,254 3 Euro Money Market 25,391 30, , US Fixed Income 21, ,786, ,201 5 Miscellaneous 19,557 3, , Global Fixed Income 16,053-5, , ,929 7 Moderate Allocation 10,762-3,291 1,030, ,497 8 High Yield Fixed Income 10,081-9, , ,975 9 Global Equity Large Cap 8,012 8,654 1,512, , Emerging Markets Fixed Income 7,336-8, , , Cautious Allocation 6,738-9, , , US Municipal Fixed Income 6,161 9, , , India Fixed Income 5, , Flexible Allocation 5,188 1, , , Other Alternative 4, , Inflation Linked 3,844-2, , Multialternative 3,826 8, , , Aggressive Allocation 3,504-1, , , Other Europe Equity 2, , Technology Sector Equity 2,495-1,478 76, Last 20th Convertibles ,457 82, Last 19th Greater China Equity ,193 67, Last 18th Asia Pacific Fixed Income ,529 Last 17th Japan Equity , , Last 16th Asia ex-japan Equity -1,232-3, , # Last 15th Mexico Fixed Income -1,235 1,346 57,437 # Last 14th Allocation -1,266-7, , ,782 # Last 13th Korea Equity -1, ,346 # Last 12th Long/Short Equity -1,705 3, , # Last 11th UK Equity Large Cap -1,941-1, ,632 # Last 10th US Equity Large Cap Value -2,255-3, , ,631 # Last 9th Real Estate Sector Equity -2, , # Last 8th Euro Fixed Income -2,466-6, ,378-1,328-1,151 24,894 # Last 7th South American Money Market -2,629-2,213 13,624 # Last 6th US Equity Mid Cap -3,203-9, , ,910 # Last 5th Healthcare Sector Equity -3,381-4, ,842 # Last 4th Europe Equity Large Cap -6, , ,039 # Last 3rd US Equity Large Cap Blend -9,260-6, , ,302 # Last 2nd US Equity Large Cap Growth -14,653-7,303 1,240, ,309 # Last US Money Market -49,396-1,503 2,867, Total 133,228-8,500 24,630, , ,335 For internal use only Page 15

19 Rank Worldwide Category TOP/BOTTOM SELLING PASSIVE CATEGORIES Universe: PASSIVE FUNDS (Index & ETF ONLY) Morningstar MARKET Flows (mln $) AUM (mln $) YTD previous yr Feb'16 Bottom 20 Top 20 1 US Equity Large Cap Blend 14,910 20,689 2,156,559 2 US Fixed Income 14,356 21, ,992 3 Global Equity Large Cap 9,980 17, ,050 4 Japan Equity 7,304 5, ,450 5 US Equity Mid Cap 5,681-4, ,776 6 US Equity Small Cap 4,773-3, ,939 7 Emerging Markets Equity 3,417-1, ,126 8 US Equity Large Cap Value 3, ,664 9 Global Fixed Income 3, , Emerging Markets Fixed Income 2, , Commodities Precious Metals 2,660 10,127 97, Inflation Linked 2, , Financials Sector Equity 2,207-3,618 61, Real Estate Sector Equity 1, , Europe Equity Large Cap 1, , Technology Sector Equity 1,526-4,222 54, Precious Metals Sector Equity 1, , Other Europe Equity 1,260 1, , High Yield Fixed Income 1,104 1,492 62, Industrials Sector Equity ,952 Last 20th Mexico Fixed Income Last 19th Australia & New Zealand Equity ,557 Last 18th Thailand Equity ,256 Last 17th Euro Money Market Last 16th Asia Money Market ,248 # Last 15th Mexico Equity ,403 # Last 14th Capital Protected ,030 # Last 13th Other Europe Fixed Income ,241 # Last 12th Israel Fixed Income ,873 # Last 11th Currency ,141 # Last 10th Taiwan Equity ,342 # Last 9th Commodities Energy ,194 7,690 # Last 8th Multialternative # Last 7th Australia Equity ,015 # Last 6th Asia Pacific Fixed Income ,074 # Last 5th UK Equity Large Cap ,902 78,649 # Last 4th Euro Fixed Income ,773 92,489 # Last 3rd Korea Equity ,461 # Last 2nd Utilities Sector Equity ,548 15,083 # Last Greater China Equity -1,310-1,033 49,871 Total 193, ,185 7,237,494 For internal use only Page 16

20 Rank Europe Category TOP/BOTTOM SELLING ACTIVE CATEGORIES Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) MARKET PIONEER Morningstar Flows (mln ) AUM (mln ) Flows (mln ) AUM (mln ) YTD previous yr YTD previous yr Feb'16 Feb'16 Top 20 1 Euro Money Market 10,233 28, , Other Fixed Income 4,654-1, , ,688 3 Global Fixed Income 4,453-1, , ,767 4 Global Equity Large Cap 3,915-1, , ,413 5 High Yield Fixed Income 3,649-7, , ,794 6 Moderate Allocation 3, , ,314 7 Emerging Markets Fixed Income 3,230-4, , ,728 8 Multialternative 3,105 5, , ,502 9 Cautious Allocation 2,639-5, , , Flexible Allocation 2,563 1, , Other Alternative 1,514-2, , US Money Market 1,291-25, , Other Europe Equity 1, , Technology Sector Equity 1, , Europe Equity Mid/Small Cap 1, , Miscellaneous , Inflation Linked , Market Neutral 863 2,822 55, US Fixed Income , , Aggressive Allocation , ,392 Bottom 20 Last 20th Africa Equity ,731 Last 19th US Equity Mid Cap -83-1,435 33, Last 18th Utilities Sector Equity ,443 Last 17th N/A ,573 0 Last 16th Asia Equity , # Last 15th Guaranteed , # Last 14th Convertibles ,530 63, # Last 13th Real Estate Sector Equity , # Last 12th Greater China Equity ,921 39, # Last 11th Other Europe Money Market ,629 59, # Last 10th Healthcare Sector Equity ,396 34,611 # Last 9th Target Date ,688 # Last 8th UK Equity Mid/Small Cap ,441 # Last 7th US Equity Large Cap Growth , ,843 # Last 6th Asia ex-japan Equity , , # Last 5th Long/Short Equity -1,088 4,039 61, # Last 4th UK Equity Large Cap -2, ,445 # Last 3rd Euro Fixed Income -3,475-6, ,200-1,240-1,060 23,427 # Last 2nd US Equity Large Cap Blend -3, , ,648 # Last Europe Equity Large Cap -5, , ,506 Total 99,677-71,344 7,715, ,236 For internal use only Page 17

21 Rank Europe Category TOP/BOTTOM SELLING PASSIVE CATEGORIES Universe: PASSIVE FUNDS (Index & ETF ONLY) Morningstar MARKET Flows (mln ) AUM (mln ) YTD previous yr Feb'16 Top 20 1 Europe Equity Large Cap 1,696 1, ,562 2 Commodities Precious Metals 1,510 3,112 39,242 3 Emerging Markets Fixed Income 1, ,105 4 Global Equity Large Cap 1,110 1, ,775 5 US Equity Large Cap Blend 1, ,470 6 Other Europe Equity 1,036 1, ,638 7 Inflation Linked ,175 8 High Yield Fixed Income ,840 9 Global Fixed Income , Other Fixed Income , Japan Equity , US Fixed Income , US Equity Large Cap Value , Trading Tools 478 1,100 10, Real Estate Sector Equity , Emerging Markets Equity , Other Sector Equity , Global Equity Mid/Small Cap , Financials Sector Equity , Energy Sector Equity ,926 Bottom 20 Last 20th Singapore Equity Last 19th Korea Equity Last 18th Canada Fixed Income Last 17th N/A Last 16th Other Asia Equity # Last 15th Guaranteed # Last 14th Thailand Equity # Last 13th Consumer Goods & Services Sector Equ ,105 # Last 12th Africa Equity # Last 11th Cautious Allocation # Last 10th Australia Fixed Income # Last 9th Australia & New Zealand Equity ,429 # Last 8th Natural Resources Sector Equity # Last 7th Commodities Energy ,157 # Last 6th Euro Money Market # Last 5th Capital Protected # Last 4th Other Europe Fixed Income ,869 # Last 3rd Miscellaneous ,204 # Last 2nd UK Equity Large Cap ,755 74,016 # Last Euro Fixed Income -1,232 1,636 87,009 Total 27,443 13,836 1,167,290 For internal use only Page 18

22 Rank US Category TOP/BOTTOM SELLING ACTIVE CATEGORIES Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) MARKET PIONEER Morningstar Flows (mln $) AUM (mln $) Flows (mln $) AUM (mln $) YTD previous yr YTD previous yr Feb'16 Feb'16 Top 20 1 US Fund Prime Money Market 24,172 6, , US Fund Bank Loan 7,637-4, , US Fund Intermediate-Term Bond 5,417 4, , ,301 4 US Fund Ultrashort Bond 4, , ,120 5 US Fund Multisector Bond 3,389-2, , ,869 6 US Fund High Yield Muni 2,649 2,187 84, US Fund Nontraditional Bond 2,560-6, , US Fund Inflation-Protected Bond 2,015-1,950 76,371 9 US Fund Muni National Interm 1,732 4, , US Fund Diversified Emerging Mkts 1, , US Fund Foreign Small/Mid Blend 1, , US Fund Muni National Short 1, , US Fund Corporate Bond 1,007 1,565 85, US Fund Energy Limited Partnership , US Fund Long Government , US Fund Emerging Markets Bond 737-1,893 50, US Fund Short-Term Bond , US Fund Financial , US Fund Small Value 615-1,181 82, US Fund Muni California Intermediate ,689 Bottom 20 Last 20th US Fund Utilities ,157 Last 19th US Fund Money Market - Tax-Free , ,749 Last 18th US Fund Allocation--70% to 85% Equity , ,693 Last 17th US Fund Allocation--85%+ Equity ,664 Last 16th US Fund Multialternative ,799 52,205 # Last 15th US Fund Real Estate , # Last 14th US Fund Short Government ,260 # Last 13th US Fund Foreign Large Value ,906 # Last 12th US Fund Global Real Estate -1, ,406 # Last 11th US Fund Small Growth -1,348-2, ,884 # Last 10th US Fund World Stock -1,449-1, , # Last 9th US Fund Mid-Cap Value -1,837-1, , ,030 # Last 8th US Fund Mid-Cap Growth -1,914-4, , ,342 # Last 7th US Fund Intermediate Government -2,124 1,974 91,987 # Last 6th US Fund Large Value -2,796-3, , ,668 # Last 5th US Fund Health -2,800-3, ,435 # Last 4th US Fund World Allocation -3,256-6, ,052 # Last 3rd US Fund Large Blend -9,068-6, , ,488 # Last 2nd US Fund Large Growth -14,029-6,382 1,197, ,288 # Last US Fund Money Market - Taxable -65,404 29,389 2,043,765 Total -47,946-4,619 12,678, ,824 For internal use only Page 19

23 Rank US Category 1 TOP/BOTTOM SELLING PASSIVE CATEGORIES Universe: PASSIVE FUNDS (Index & ETF ONLY) Morningstar MARKET Flows (mln $) AUM (mln $) YTD previous yr Feb'16 Top 20 1 US Fund Large Blend 30,983 20,084 2,003,226 2 US Fund Foreign Large Blend 18,184 15, ,656 3 US Fund Intermediate-Term Bond 13,165 2, ,552 4 US Fund Mid-Cap Blend 9,542-2, ,434 5 US Fund Diversified Emerging Mkts 7,714-1, ,562 6 US Fund Corporate Bond 7,376 2,113 67,098 7 US Fund Large Value 6, ,837 8 US Fund Small Blend 5,195-2, ,428 9 US Fund World Bond 5, , US Fund Short-Term Bond 4,097 1,350 91, US Fund Financial 3,537-3,108 51, US Fund Inflation-Protected Bond 3, , US Fund Technology 2,575-4,228 51, US Fund Foreign Large Value 2, , US Fund Small Value 2,392 1,252 75, US Fund Equity Precious Metals 2, , US Fund Mid-Cap Value 1, , US Fund Real Estate 1, , US Fund Ultrashort Bond 1, , US Fund Commodities Precious Metals 1,426 6,888 51,341 Bottom 20 Last 20th US Fund Trading--Miscellaneous ,185 Last 19th US Fund Muni California Long Last 18th US Fund Tactical Allocation Last 17th US Fund Managed Futures Last 16th US Fund Trading--Leveraged Debt # Last 15th US Fund Target-Date # Last 14th US Fund Single Currency ,231 # Last 13th US Fund Target-Date ,798 # Last 12th US Fund Target-Date ,512 # Last 11th US Fund Target-Date # Last 10th US Fund Multicurrency ,106 # Last 9th US Fund Trading--Inverse Commodities # Last 8th US Fund Commodities Energy ,532 5,244 # Last 7th US Fund Target-Date ,287 # Last 6th US Fund Muni National Interm ,221 # Last 5th US Fund Long Government ,147 19,495 # Last 4th US Fund Europe Stock ,631 44,196 # Last 3rd US Fund China Region ,346 12,288 # Last 2nd US Fund Utilities ,517 14,482 # Last US Fund Trading--Leveraged Equity -1, ,022 Total 150,991 42,686 5,808,311 For internal use only Page 20

24 Rank Asia (ex China) Universe: ACTIVE FUNDS (Ex Category TOP/BOTTOM SELLING ACTIVE CATEGORIES Universe: ACTIVE FUNDS (EX Index, ETF, Feeder & FoF) MARKET PIONEER, Morningstar Flows (mln $) AUM (mln $) Flows (mln $) AUM (mln $) YTD previous yr YTD previous yr Feb'16 Feb'16 Top 20 1 Asia Money Market 30,216 21, , India Fixed Income 5, , Global Fixed Income 4, ,857 4 Miscellaneous 2,549 2, Global Equity 2, ,357 6 Moderate Allocation 1, , High Yield Fixed Income 1, ,499 8 India Equity 1, , Aggressive Allocation 1, , US Equity Large Cap Blend , Other Fixed Income , Thailand Fixed Income 543 2,418 36, Asia Fixed Income , Malaysia Fixed Income , Allocation , Flexible Allocation , Other Europe Money Market , Islamic Equity , Cautious Allocation , Malaysia Equity ,550 Bottom 20 Last 20th Healthcare Sector Equity ,752 Last 19th Emerging Markets Equity ,011 Last 18th Asia ex-japan Equity ,197 Last 17th Other Asia Equity ,558 Last 16th Global Equity Large Cap ,300 # Last 15th US Fixed Income ,437 # Last 14th Consumer Goods & Services Sec ,055 # Last 13th Trading Tools # Last 12th Japan Money Market # Last 11th Europe Equity Large Cap ,575 # Last 10th Australia Fixed Income ,774 # Last 9th Japan Fixed Income ,639 # Last 8th Greater China Equity ,627 # Last 7th Thailand Equity ,095 # Last 6th Thailand Money Market ,861 # Last 5th Multialternative # Last 4th Asia Pacific Fixed Income ,529 # Last 3rd Real Estate Sector Equity -1,001 2,224 66,742 # Last 2nd Korea Equity -1, ,368 # Last Japan Equity -1,693 1,771 45,320 Total 47,086 68,771 1,076, ,571 For internal use only Page 21

25 Rank Asia (ex China) Category TOP/BOTTOM SELLING PASSIVE CATEGORIES Universe: PASSIVE FUNDS (Index & ETF ONLY) Morningstar MARKET Flows (mln $) AUM (mln $) YTD previous yr Feb'16 Top 20 1 Japan Equity 14,807 8, ,195 2 India Equity 1, ,614 3 Other Alternative 833 2,029 7,962 4 US Fixed Income Miscellaneous ,903 6 Japan Fixed Income ,261 7 Real Estate Sector Equity ,630 8 Asia ex-japan Equity US Equity Large Cap Blend , Flexible Allocation , Global Fixed Income , Global Equity , Healthcare Sector Equity Moderate Allocation , Cautious Allocation , Singapore Equity Other Sector Equity Aggressive Allocation , Asia Fixed Income , Emerging Markets Equity Bottom 20 Last 20th Commodities Precious Metals ,047 Last 19th Malaysia Equity Last 18th Euro Fixed Income Last 17th Global Equity Large Cap Last 16th Target Date # Last 15th Technology Sector Equity # Last 14th Brazil Equity # Last 13th Consumer Goods & Services Sec # Last 12th Financials Sector Equity # Last 11th Other Fixed Income # Last 10th Islamic Equity # Last 9th Thailand Equity ,206 # Last 8th Commodities Broad Basket ,093 # Last 7th Asia Money Market ,248 # Last 6th Taiwan Equity ,824 # Last 5th Multialternative # Last 4th Asia Pacific Fixed Income ,074 # Last 3rd Trading Tools ,416 6,425 # Last 2nd Korea Equity ,615 # Last Greater China Equity -1, ,535 Total 16,295 30, ,342 For internal use only Page 22

26 Worldwide TOP SELLING ACTIVE FUNDS Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) Fund name Company Flows AUM MS rating YTD () () (AUM weighted) 1 JPM US Dollar Liquidity Fund JPMorgan 11,805 85,280 - FoF Alternative Money mkt Multiasset Bond Equity 2 Amundi Cash Corporate Amundi 6,553 51,968-3 JPMorgan Prime Money Mkt Fund JPMorgan 6,017 30,506-4 Northern Instl Treasury Portfolio Northern 4,991 38,782-5 Vanguard Federal Money Market Fund Vanguard 4,718 71,029-1 Goldman Sachs Global CORE Equity Port Goldman Sachs 1,390 2, Oakmark International Fund Natixis 1,169 27, ClearBridge Large Cap Growth Fund Legg Mason 935 6, Janus Enterprise Fd Janus , Lazard Emerging Markets Equity Portfolio Lazard , PIMCO GIS Income Fund PIMCO 4,635 26, PIMCO Income Fund PIMCO 3,644 75, Vanguard Institutional Interm-Term Bd Fd Vanguard 2,149 12,717-4 Invesco US Senior Loan Fund Invesco 2,066 8,283-5 Carmignac Sécurité Carmignac 1,872 14, American Funds American Balanced Fund American Funds 1, , Allianz Income and Growth Allianz Global Investors 1,240 14, JPM Global Income Fund JPMorgan 1,201 19, M&G Optimal Income Fund M&G 1,145 21, LM Australia High Dividend Eq Fd D1M Legg Mason 942 3, JPM US Dollar Liquidity Fund JPMorgan 11,805 85,280-2 Amundi Cash Corporate Amundi 6,553 51,968-3 JPMorgan Prime Money Mkt Fund JPMorgan 6,017 30,506-4 Northern Instl Treasury Portfolio Northern 4,991 38,782-5 Vanguard Federal Money Market Fund Vanguard 4,718 71,029-1 Adam Macro Master FIM AdamCapital 1,093 3,060-2 Aviva Investors Mlt-Strat Trgt Ret Fd Aviva 1,034 4,441-3 Schroder GAIA Two Sigma Diversified Schroders 939 1,565-4 Old Mutual Global Equity Absolute Return Old Mutual 863 8,257-5 Aviva Investors Multi-Strat Trgt Inc Fd Aviva 766 3,004-1 BB Supremo Setor Público FIC FI RF CP BBDTVM 4,576 14,475-2 Amundi Tréso Diversifiée Amundi 3,533 3,506-3 Vanguard Instl Trgt Retire 2025 Fd Vanguard 1,579 17,045-4 Vanguard Instl Trgt Retire 2030 Fd Vanguard 1,410 14,691-5 Caixa Prático FIC FI RF CP Caixa 1,243 3,477 - For internal use only Page 23

27 Europe TOP SELLING ACTIVE FUNDS Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) Fund name Company Flows AUM MS rating YTD (mln ) (mln ) (AUM weighted) 1 JPM US Dollar Liquidity Fund JPMorgan 10,999 80,256-2 Amundi Cash Corporate Amundi 6,034 48,907-3 PIMCO GIS Income Fund PIMCO 4,337 24, BNP Paribas Déposit BNP Paribas 2,732 16,755-5 LGIM Sterling Liquidity Fund Legal & General 2,585 31,809-1 Goldman Sachs Global CORE Equity Port Goldman Sachs 1,308 2,153 5 Equity 2 Pictet - Robotics Pictet 726 2,682-3 Delta Lloyd Equity Sustainable Glb A Delta Lloyd DNB Norge (IV) DNB 626 1, Eastspring Inv Japan Dynamic Fund Eastspring Investments 594 2, PIMCO GIS Income Fund PIMCO 4,337 24,493 5 FoF Alternative Money mkt Multiasset Bond 2 Invesco US Senior Loan Fund Invesco 1,924 7,795-3 Carmignac Sécurité Carmignac 1,749 14, AB FCP I Global High Yield Portfolio AB (AllianceBernstein) 1,437 20, UBS (Lux) BS USDInvmtGrdCorps$ UBS 1,363 1,391-1 Allianz Income and Growth Allianz Global Investors 1,158 14, JPM Global Income Fund JPMorgan 1,123 18, M&G Optimal Income Fund M&G 1,070 19, PrivatFonds: Kontrolliert Union Investment , Fidelity Global Multi Asset Income Fund Fidelity 687 5, JPM US Dollar Liquidity Fund JPMorgan 10,999 80,256-2 Amundi Cash Corporate Amundi 6,034 48,907-3 BNP Paribas Déposit BNP Paribas 2,732 16,755-4 LGIM Sterling Liquidity Fund Legal & General 2,585 31,809-5 BFT Aureus Amundi 2,410 14,015-1 Aviva Investors Mlt-Strat Trgt Ret Fd Aviva 972 4,180-2 Schroder GAIA Two Sigma Diversified Schroders 881 1,473-3 Old Mutual Global Equity Absolute Return Old Mutual 807 7,771-4 Aviva Investors Multi-Strat Trgt Inc Fd Aviva Deutsche Concept Kaldemorgen Deutsche Asset Manageme 669 5,803-1 Amundi Tréso Diversifiée Amundi 3,300 3,300-2 Fonds AV Echus FIA - C Amundi SEI GMF Global Equity Fund SEI 544 1, Quality Inversión Conservadora FI BBVA 516 3, Deutsche Multi Opportunities Deutsche Asset Manageme 465 2,651 4 For internal use only Page 24

28 US TOP SELLING ACTIVE FUNDS Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) Fund name Company Flows AUM MS rating YTD () () (AUM weighted) 1 JPMorgan Prime Money Mkt Fund JPMorgan 6,017 30,506-2 Northern Instl Treasury Portfolio Northern Funds 4,991 38,782-3 Vanguard Federal Money Market Fund Vanguard 4,718 71,029-4 BlackRock Liquidity Funds TempFund BlackRock 4,675 13,194-5 PIMCO Income Fund Pimco 3,644 75, Oakmark International Fund Oakmark 1,169 27,826 5 FoF Alternative Money mkt Multiasset Bond Equity 2 ClearBridge Large Cap Growth Fund Legg Mason 935 6, Janus Enterprise Fd Janus , Lazard Emerging Markets Equity Portfolio Lazard , Invesco Diversified Dividend Fund Invesco , PIMCO Income Fund Pimco 3,644 75, Vanguard Institutional Interm-Term Bd Fd Vanguard 2,149 12,717-3 T. Rowe Price New Income Fund T. Rowe Price 1,316 32, Vanguard Intermediate-Term Tax-Exempt Vanguard 1,290 51, Lord Abbett Floating Rate Fund Lord Abbett 1,249 11, American Funds American Balanced Fund American Funds 1, , First Eagle Global Fund First Eagle , Hartford Balanced Income Fund Hartford Mutual Funds , Vanguard Wellesley Income Fund Vanguard , American Funds Global Balanced Fund American Funds , JPMorgan Prime Money Mkt Fund JPMorgan 6,017 30,506-2 Northern Instl Treasury Portfolio Northern Funds 4,991 38,782-3 Vanguard Federal Money Market Fund Vanguard 4,718 71,029-4 BlackRock Liquidity Funds TempFund BlackRock 4,675 13,194-5 BlackRock Cash Funds Institutional Fund BlackRock 3,529 44,732-1 AQR Managed Futures Strategy Fund AQR Funds , AQR Long-Short Equity Fund AQR Funds 482 3, Catalyst/Millburn Hedge Strategy Fund Catalyst Mutual Funds 399 1,630-4 AQR Equity Market Neutral Fund AQR Funds 133 1,252-5 AQR Style Premia Alternative Fund AQR Funds 131 4, Vanguard Instl Trgt Retire 2025 Fd Vanguard 1,579 17,045-2 Vanguard Instl Trgt Retire 2030 Fd Vanguard 1,410 14,691-3 Vanguard Instl Trgt Retire 2035 Fd Vanguard 1,241 13,565-4 Vanguard Instl Trgt Retire 2020 Fd Vanguard 1,241 14,302-5 Vanguard Instl Trgt Retire 2040 Fd Vanguard 1,065 11,275 - For internal use only Page 25

29 Asia TOP SELLING ACTIVE FUNDS Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) Fund name Company Flows AUM MS rating YTD () () (AUM weighted) 1 Birla Sun Life Cash Plus Birla Sun Life 2,022 5,522-2 UBSHana New MMF S29 UBS Hana 1,727 4,197-3 Axis Liquid AXIS 1,597 3,043-4 Reliance Liquid Trsu Plan Reliance 1,186 4,330-5 Kiwoom Institutional MMF 1 Kiwoom 864 2,675-1 Nomura Global AI Related Equity Fund B Nomura FoF Alternative Money mkt Multiasset Bond Equity 2 Nomura Global AI Related Equity Fund A Nomura Nikko New Muzinich US BDC Fund UnHdg D1M Nikko AM AMOne Global High Qual Gr Eq Fd UnHdg AM One Daiwa US-REIT Open D1M B UnHdg Daiwa 180 6, HSBC Asia High Income Bond Fund HSBC Krung Thai Fixed Income FIF 127 Krung Thai Bank Fidelity US High Yield Fund Fidelity 318 8, ICICI Pru Flexi Income ICICI Prudential 299 3,208-5 Birla Sun Life S/T Birla Sun Life 299 2,660-1 Amundi Double Watch Amundi Birla Sun Life Balanced 95 Birla Sun Life B Senior Citizen Mixed Bangkok Bank DSP BlackRock Balanced DSP BlackRock BEA Union Inv Asia Pacific Multi Inc BEA Birla Sun Life Cash Plus Birla Sun Life 2,022 5,522-2 UBSHana New MMF S29 UBS Hana 1,727 4,197-3 Axis Liquid AXIS 1,597 3,043-4 Reliance Liquid Trsu Plan Reliance 1,186 4,330-5 Kiwoom Institutional MMF 1 Kiwoom 864 2,675-1 MUKAM AI Japan Equity Open Absolute Ret Mitsubishi UFJ ICICI Pru Equity Arbitrage ICICI Prudential 58 1,063-3 Daiwa Bull 3 Japan Equity Portfolio 4 Daiwa Birla Sun Life Enhanced Arbitrage Birla Sun Life Reliance Arbitrage Adv Reliance GS Global Big Data Invmt Strat B UnHdg Goldman Sachs 1,043 1,043-2 SMTAM Hedge Fund SMTB Selection SMA STB Asset Management Eastspring US Bank Loan SA Fdr Loan Hdgd Eastspring Investments MiraeAsset Global Dynamic Feeder Bond 1 Mirae Asset 271 1,702-5 AMOne Currency Select J-REIT Fd D1M BRL AM One For internal use only Page 26

30 Worldwide TOP SELLING PIONEER FUNDS Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) Fund name Flows AUM MS rating Category YTD () () (AUM weighted) 1 Pioneer Fds Euro Strategic Bond Fixed Income 448 3, Pioneer Fds EM Bond Short-Term Fixed Income 265 1,292-3 PSSF Progetto Cedola 02/2022 Allocation Pioneer Fds Abs Ret Currencies Alternative Pioneer Obb Più a distribuzione Allocation 238 4, Pioneer FS Divers Inc Best Sel Allocation Pioneer Target Controllo Alternative 196 2,803-8 Pioneer SF Divers Shrt-Term Bd Fixed Income Pioneer Fds US High Yield Fixed Income 139 3, Pioneer Obbligazionario Globale HY Fixed Income Pioneer Fds Real Assets Target Income Allocation Pioneer Fds Abs Ret Multi Str Alternative 113 1, Pioneer Fds European Equity Optimal Vol Equity Pioneer Fds US Dollar Agg Bd Fixed Income 97 1, Pioneer Fds Optml Yld Shrt-Term Fixed Income Pioneer Fds Eurpn Eq Value Equity Pioneer Bond Fund Fixed Income 88 4, Pioneer AMT Free Municipal Fund Tax Preferred 77 1, PSSF PUAF Sel Div 15 Maggio 2023 Miscellaneous Pioneer Multi-Asset Ultrashort Income Fd Fixed Income 72 3, HVB Vermögensdepot priv Wachstum PI 53 1, Core Series - Core MA Inc FoF 3 Pioneer SICAV Emerg Mkts Bd Pioneer Inv Multi Manager Best Select Core Series - Core Champions 17 1,206 3 For internal use only Page 27

31 Europe TOP SELLING PIONEER FUNDS Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) Fund name Flows AUM MS rating Category YTD (mln ) (mln ) (AUM weighted) 1 Pioneer Fds Euro Strategic Bond Fixed Income 419 3, Pioneer Fds EM Bond Short-Term Fixed Income 248 1,216-3 PSSF Progetto Cedola 02/2022 Allocation Pioneer Fds Abs Ret Currencies Alternative Pioneer Obb Più a distribuzione Allocation 222 3, Pioneer FS Divers Inc Best Sel Allocation Pioneer Target Controllo Alternative 184 2,638-8 Pioneer SF Divers Shrt-Term Bd Fixed Income FoF 9 Pioneer Fds US High Yield Fixed Income 130 3, Pioneer Obbligazionario Globale HY Fixed Income Pioneer Fds Real Assets Target Income Allocation Pioneer Fds Abs Ret Multi Str Alternative 106 1, Pioneer Fds European Equity Optimal Vol Equity Pioneer Fds US Dollar Agg Bd Fixed Income 90 1, Pioneer Fds Optml Yld Shrt-Term Fixed Income Pioneer Fds Eurpn Eq Value Equity PSSF PUAF Sel Div 15 Maggio 2023 Miscellaneous Pioneer Fds Glbl Eq Target Inc Equity 52 1, Pioneer Obbl Paesi Emerg a dist. Fixed Income Pioneer Fds Glb MltAst Tgt Inc Allocation 46 1, HVB Vermögensdepot priv Wachstum PI 49 4, Core Series - Core MA Inc 45 1,453-3 Pioneer SICAV Emerg Mkts Bd 36 1, Pioneer Inv Multi Manager Best Select Core Series - Core Champions For internal use only Page 28

32 US TOP SELLING PIONEER FUNDS Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) Fund name Flows AUM MS rating Category YTD () () (AUM weighted) 1 Pioneer Bond Fund US Fund Intermediate-Term Bond 88 4, Pioneer AMT Free Municipal Fund US Fund Muni National Long 77 1, Pioneer Multi-Asset Ultrashort Income Fd US Fund Ultrashort Bond 72 3, Pioneer Equity Income US Fund Large Value 25 2, Pioneer Global Multisector Income Fund US Fund World Bond Pioneer High Income Municipal Fund US Fund High Yield Muni Pioneer Floating Rate Fund US Fund Bank Loan Pioneer US Corporate High Yield Fund US Fund High Yield Bond Pioneer Dynamic Credit US Fund Nontraditional Bond Pioneer International Equity Fund US Fund Foreign Large Blend Pioneer Emerging Markets Fund US Fund Diversified Emerging Mkts Pioneer Global Equity Fund US Fund World Stock Pioneer Select Mid Cap Growth Fund US Fund Mid-Cap Growth -4 1, Pioneer Classic Balanced Fund US Fund Allocation--50% to 70% Equity Pioneer Short Term Income Fund US Fund Short-Term Bond Pioneer Multi-Asset Income Fund US Fund Allocation--30% to 50% Equity Pioneer US Government Money Market Fund US Fund Prime Money Market Pioneer Real Estate Shares Fund US Fund Real Estate Pioneer Disciplined Growth Fund US Fund Large Growth -10 1, Pioneer Mid Cap Value Fund US Fund Mid-Cap Value -18 1, Pioneer Solutions Conservative Fund Pioneer Solutions Growth Fund FoF 3 Pioneer Solutions Balanced Fund For internal use only Page 29

33 Asia TOP SELLING PIONEER FUNDS Universe: ACTIVE FUNDS (Ex Index, ETF, Feeder & FoF) Fund name Flows AUM MS rating Category YTD () () (AUM weighted) 1 Baroda Pioneer Liquid Money Market Baroda Pioneer Treasury Advantage Fixed Income Baroda Pioneer Balance Allocation Baroda Pioneer Credit Opp Fixed Income Baroda Pioneer Growth Equity Baroda Pioneer ELSS 96 Equity Baroda Pioneer Large Cap Equity Baroda Pioneer Mid-cap Equity Baroda Pioneer Gilt Fixed Income Baroda Pioneer Income Fixed Income Baroda Pioneer MIP Allocation Baroda Pioneer Dynamic Bond Fixed Income Baroda Pioneer Banking & Fin Services Equity Baroda Pioneer S/T Bond Fixed Income FoF For internal use only Page 30

34 Fund name Worldwide TOP SELLING PASSIVE FUNDS Universe: PASSIVE FUNDS (Index & ETF ONLY) Flows AUM Category YTD () () 1 Vanguard Total Stock Market Index Fund US Equity Large Cap Blend 14, ,309 2 Vanguard 500 Index Fund US Equity Large Cap Blend 7, ,379 3 Vanguard Total Intl Stock Idx Fund Global Equity Large Cap 6, ,607 4 Vanguard Total Bond Market II Index Fund US Fixed Income 5, ,946 5 Vanguard Total International Bd Idx Fund Global Fixed Income 4,928 73,165 6 ishares Core MSCI Emerging Markets Emerging Markets Equity 4,238 23,738 7 Nomura Topix Listed Japan Equity 3,782 38,935 8 ishares iboxx $ Invst Grade Crp Bond US Fixed Income 3,710 31,132 9 Vanguard Developed Markets Index Fund Global Equity Large Cap 2,980 73, ishares Core S&P Small-Cap US Equity Small Cap 2,959 29, Vanguard Total Bond Market Index Fund US Fixed Income 2, , ishares Core S&P Mid-Cap US Equity Mid Cap 2,723 38, Vanguard Interm-Tm Corp Bd Idx US Fixed Income 2,277 13, Vanguard Small Cap Index Fund US Equity Small Cap 2,269 74, Nikko Topix Listed Japan Equity 2,159 17, ishares Core MSCI EAFE Global Equity Large Cap 2,141 18, Vanguard Value Index Fund US Equity Large Cap Value 2,087 55, Vanguard Short-Term Bond Index Fund US Fixed Income 2,067 48, Daiwa Topix Listed Japan Equity 2,001 18, Vanguard Short-Term Corp Bd Idx US Fixed Income 1,945 21,007 For internal use only Page 31

35 Fund name Europe TOP SELLING PASSIVE FUNDS Universe: PASSIVE FUNDS (Index & ETF ONLY) Flows AUM Category YTD (mln ) (mln ) 1 Xetra-Gold Commodities Precious Metals 1,607 6,122 2 UBS ETF MSCI ACWI SF Global Equity Large Cap 1,019 1,969 3 ishares J.P. Morgan $ EM Bond Emerging Markets Fixed Income 967 6,512 4 Source Bloomberg Commodity ETF Commodities Broad Basket Lyxor S&P 500 ETF US Equity Large Cap Blend 948 3,708 6 Amundi ETF Floating Rate USD Corporate Other Fixed Income 746 2,147 7 ishares $ Corp Bond US Fixed Income 728 5,363 8 ishares Core MSCI World Global Equity Large Cap 683 8,969 9 ishares Edge MSCI USA Value Factor US Equity Large Cap Value UBS (CH) IF Global Aggregate Bds Pass II Global Fixed Income 659 2, UBS (CH) IF Glb Agg Bds Pass Hdgd CHF II Global Fixed Income 658 2, ishares EM Local Govt Bond USD Dist Emerging Markets Fixed Income 588 3, ishares $ High Yield Corp Bond High Yield Fixed Income 536 4, Amundi ETF Euro Stoxx 50 DR Europe Equity Large Cap 498 2, DNB Global Indeks Global Equity Large Cap 423 1, ProCapture Europe Index Fund Europe Equity Large Cap Vanguard Euro Government Bond Index Euro Fixed Income 393 4, BNPP E JPM GBI EMU Euro Fixed Income Source Physical Gold P-ETC Commodities Precious Metals 372 3, ishares MSCI World GBP Hedged (Acc) Global Equity Large Cap For internal use only Page 32

36 Fund name US TOP SELLING PASSIVE FUNDS Universe: PASSIVE FUNDS (Index & ETF ONLY) Flows AUM Category YTD () () 1 Vanguard Total Stock Market Index Fund US Equity Large Cap Blend 14, ,309 2 Vanguard 500 Index Fund US Equity Large Cap Blend 7, ,379 3 Vanguard Total Intl Stock Idx Fund Global Equity Large Cap 6, ,607 4 Vanguard Total Bond Market II Index Fund US Fixed Income 5, ,946 5 Vanguard Total International Bd Idx Fund Global Fixed Income 4,928 73,165 6 ishares Core MSCI Emerging Markets Emerging Markets Equity 4,238 23,738 7 ishares iboxx $ Invst Grade Crp Bond US Fixed Income 3,710 31,132 8 Vanguard Developed Markets Index Fund Global Equity Large Cap 2,980 73,550 9 ishares Core S&P Small-Cap US Equity Small Cap 2,959 29, Vanguard Total Bond Market Index Fund US Fixed Income 2, , ishares Core S&P Mid-Cap US Equity Mid Cap 2,723 38, Vanguard Interm-Tm Corp Bd Idx US Fixed Income 2,277 13, Vanguard Small Cap Index Fund US Equity Small Cap 2,269 74, ishares Core MSCI EAFE Global Equity Large Cap 2,141 18, Vanguard Value Index Fund US Equity Large Cap Value 2,087 55, Vanguard Short-Term Bond Index Fund US Fixed Income 2,067 48, Vanguard Short-Term Corp Bd Idx US Fixed Income 1,945 21, ishares Core S&P 500 US Equity Large Cap Blend 1,841 97, Vanguard Mid-Cap Index Fund US Equity Mid Cap 1,810 83, Vanguard Emerging Markets Stock Idx Fund Emerging Markets Equity 1,751 67,964 For internal use only Page 33