(BofA-ML) FLow Show : "short conviction"

>>> Asset Class Flows
* Equities: $2.2bn outflows (first outflows in 6 weeks) (note $4.2bn mutual fund outflows partially offset by $1.9bn ETF inflows)
* Bonds: $2.5bn outflows (2 straight weeks)
* Commodities: largest inflows in 12 weeks ($1.1bn) (mostly via oil/energy funds)
* Money-markets: $15.6bn inflows (huge $120bn inflows over past 7 weeks)

>>> Equity Flows
* Europe booming: $1.7bn inflows (inflows in 25 of past 27 weeks)
* Japan: tiny $36mn outflows (2 straight weeks of small outflows)
* EM: $2.4bn outflows (3 straight weeks) (biggest outflows in 10 weeks)
* US: $1.8bn outflows

>> Fixed Income Flows
Govt/tsy funds eke out inflows for first time in 6 weeks (albeit tiny $13mn)
$1.0bn outflows from EM debt funds (outflows in 16 of 17 weeks)
$0.9bn outflows from HY bond funds (2 straight weeks)
First outflows from IG bond funds in 6 weeks ($0.8bn)
Bank loan funds have seen outflows in 15 out of past 16 weeks
9 straight weeks of inflows to muni bond funds