* All Aboard: huge $17.5bn inflows into Equity funds this week, after $20bn last week...biggest 2 weeks of inflows since Oct’13; note SPX melt-up of 11.56% from 10/15 intraday lows
* The USS Bull: US accounts for lion’s share of equity inflows; Japan, Europe, China funds all record modest redemptions despite BoJ QQE & prospective easing in Europe/China
* IG Rules: another week of big inflows to IG bond funds ($4.9bn); Chart 1 shows IG funds a 2014 winner, bested only by inflows to long-term govt bonds
* Inflation capitulation continues: outflows for TIPs, Floating Rate & Gold funds...the other big flow trend of 2014
* Growth>Value: by sector, chunky outflows from materials ($0.8bn) & real estate ($0.4bn); inflows to tech ($0.6bn) and healthcare ($0.5bn)
>>> Asset Class Flows
* Equities: $17.5bn inflows ($19bn inflows to ETF’s – SPY, QQQ, IWM)
* Bonds: $9.0bn inflows (7 straight weeks) (Table 1)
* Precious metals: $0.6bn outflows (outflows in 10 out of past 11 weeks)
>>> Equity Flows
* Europe: $0.5bn outflows (outflows in 9 out of past 10 weeks) (Table 2)
* Japan: modest $0.4 outflows
* US: $15.3bn inflows (all via ETF’s)
* EM: flat; but note Chinese equity funds see 8th straight week of redemptions ($0.4bn)
>>> Fixed Income Flows
* 46 straight weeks of inflows to IG bond funds ($4.9bn) (Chart 2)
* 3 straight weeks of inflows to HY bond funds ($3.2bn)
* $0.8bn inflows to EM debt funds (largest in 14 weeks)
* 17 straight weeks of outflows from bank loan funds ($0.4bn)
* 9 straight weeks of outflows from TIPS ($0.1bn)