Key takeaways
* US stocks on course for 30% annualized return, commodities 17%, corporate bonds 14%...breathtaking stuff.
* Max liquidity & minimum growth 2010s playbook = own "yield", own "growth", rent "value".
* 2020s playbook changes with fiscal stimulus, political turmoil, bond bubble pops.
Asset Class Flows
- Equities: 11 biggest outflows $22.0bn ($16.6bn ETF outflows, $5.4bn mutual fund outflows)
- Bonds: inflows past 38 weeks ($9.2bn)
- Precious metals: 2 biggest inflows ever ($2.8bn)
Equity Flows (Table 2)
- US: 9 biggest outflows ever ($16.4bn)
- Japan: small outlows ($0.7bn)
- Europe: outflows 78 of past 81 weeks ($1.2bn)
- EM: outflows 22 of past 23 weeks ($3.7bn)
By style: outflows US growth ($6.1bn), US large cap ($5.3bn), US small cap ($5.0bn), US value ($2.0bn).
By sector: inflows utils ($0.3bn), financials ($0.1bn), materials ($0.1bn), real estate ($0.1bn); outflows energy ($0.1bn), hcare ($0.1bn), com svcs ($0.1bn), tech ($0.3bn), consumer ($0.4bn).