(BofA-ML) Flow Show : Private Client Positioning

big bond inflows ($7.8bn = largest in 3 months), equity inflows ($8.1bn), 9th consecutive week of gold outflows ($0.7bn)

>>> Asset Class Flows
- Equities: $8.1bn inflows ($2.5bn mutual fund outflows vs $10.6bn ETF inflows)
- Bonds: largest inflows in 3 months ($7.8bn)
- Precious metals: 9 straight weeks of outflows ($0.7bn)

>>> Equity Flows
- Japan: largest inflows in 9 weeks ($3.1bn)
- EM: modest inflows of $0.5bn (but outflows in 8 of past 11 weeks)
- Europe: ekes out $0.6bn inflows

>>> Fixed Income Flows
- Largest inflows to IG bond funds in 3 months ($3.8bn)
- First inflows to muni bond funds in 11 weeks ($0.8bn)
- 5 straight weeks of outflows from Govt/Tsy funds ($0.6bn)
- 9 straight weeks of inflows to bank loan funds ($1.2bn)
- 7 straight weeks of inflows to HY bond funds ($1.2bn)
- 5 straight weeks of inflows to TIPS funds ($0.7bn)
- 2 straight weeks of inflows to EM debt funds ($1.3bn)
- 10 straight weeks of outflows from MBS funds ($0.5bn)