(BofA-ML) Flow Show : EM Disconnect : Europe Eq. +$3.9bil inflows

>>> Asset Class Flows
* Equities: small $0.2bn inflows (stabilization following chunky $15bn redemptions past 2 weeks)
* Bonds: $7.2bn inflows (14 straight weeks)
* Commodities: $0.6bn outflows (3 straight weeks)

>>> Equity Flows
* Europe: $3.9bn inflows (13 straight weeks) – the crowded trade
* EM: 6 straight weeks of outflows ($1.1bn outflows)
* China: chunky $2.3bn outflows (8 straight weeks of outflows) despite being the best performing global market past 12 months
* Brazil: only tiny $17mn inflows despite IBOV rallying 11% off March lows
* US: $5.5bn outflows (outflows in 7 out of past 8 weeks)
* Japan: $0.3bn inflows (7 straight weeks)

>>> Fixed Income Flows
* 68 straight weeks of inflows to IG bond funds ($3.6bn)
* $2.1bn inflows to HY bond funds (largest in 5 weeks)
* $0.4bn inflows to EM debt funds (3 straight weeks)
* 39 straight weeks of outflows from bank loan funds ($0.2bn)
* $1.1bn inflows to govt/tsy funds (5 straight weeks)
* 25 straight weeks of inflows to MBS funds