* Bottom-line: pre-payroll investors reduced cash and bought stocks and bonds ($15.3bn inflows combined)...risk is that much stronger-than-expected payroll would induce spike in volatility, profit-taking and (temporary) pause in risk rally.
* First inflows to both EM debt and equity funds in 6 months (Chart 1)...EM bear market rally continues (note Bovespa has outperformed SPX YTD).
* Q1's best performer, Gold, sees outflows, as investors once again bet on US recovery and dollar
>>> Asset Class Flows
* Equities: $8.4bn inflows (split evenly between ETF’s and long-only funds)
* Bonds: $6.9bn inflows (largest in 8 weeks)
* Precious metals: first outflows in 7 weeks ($0.2bn)
>>> Equity Flows
* EM: first inflows in 23 weeks! ($2.5bn); inflows concentrated in Global EM funds
* Europe: $1.4bn inflows (40 straight weeks of inflows)
* US: modest $3.4bn inflows (Table 2); Japan: small inflows as well
>>> Fixed Income Flows
* First inflows to EM debt funds in 27 weeks! ($1.0bn) (majority via EXD) (Chart 2)
* 15 straight weeks of inflows to IG bond funds ($2.8bn)
* 8 straight weeks of inflows to HY bond funds ($2.3bn)
* 3 straight weeks of govt/tsy fund inflows ($1.1bn)
* 93 straight weeks of inflows to floating-rate debt