Fast & Furious but no Euphoria
* Asset Class Flows
- Equities: small $1.2bn inflows (note $6.3bn ETF inflows vs $5.2bn outflows from mutual funds)
- Bonds: $4.4bn outflows (5 straight weeks = longest streak in 14 months)
- Precious metals: $0.6bn outflows (3 straight weeks)
* Equity Flows
- Europe: $2.0bn outflows (largest in 11 weeks)
- US: $4.4bn inflows (4 straight weeks)
- EM: ekes out first inflows in 5 weeks (albeit small $0.1bn)
- Japan: small $0.1bn inflows
- By sector: 10 straight weeks of financials inflows ($0.6bn); 4 straight weeks of REITs outflows ($0.1bn)
* Fixed Income Flows
- 5 straight weeks of outflows from muni bond funds ($1.6bn)
- 4 straight weeks of outflows from IG bond funds ($2.4bn)
- 4 straight weeks of outflows from EM debt funds (albeit small $0.1bn)
- 3 straight weeks of outflows from govt bond funds ($0.7bn)
- First TIPS outflows in 25 weeks ($0.3bn)
- First HY bond inflows in 5 weeks ($0.6bn)
- Inflows to bank loan funds in 20 of past 22 weeks ($0.6bn)