>>> Asset Class Flows
- Equities: $1.1bn outflows (first outflows in 3 weeks) ($4.8bnmutual fund outflows vs $3.7bn ETF inflows)
- Bonds: $0.6bn outflows (first outflows in 11 weeks)
- Commodities: $0.8bn outflows (largest outflows YTD) (outflowsin 4 of past 5 weeks)
>>> Equity Flows
- Japan: strong $2.5bn inflows (largest since Jan’16)
- EM: 11 straight weeks of inflows (modest $0.7bn)…no sell-signal for EM equities forthcoming
- Europe: $2.5bn outflows (record 32 straight weeks of outflows)
- US: $1.7bn outflows
- By sector: largest utilities outflows in 10 months ($0.5bn); largest tech outflows in 7 months ($1.0bn); largest healthcare outflows in 6 months ($0.9bn); big $2.9bn inflows to REITs.
>>> Fixed Income Flows
- Largest HY bond outflows since Jan’16 ($3.5bn) (first outflows in 6 weeks)
- 10 straight weeks of outflows from Govt/Tsy funds ($0.8bn)
- 11 straight weeks of inflows to EM debt funds (albeit tiny $0.1bn)
- $2.6bn inflows to IG bond funds (inflows in 27 of past 28 weeks)
- 52 straight weeks of inflows to Munis ($0.3bn)
- 14 straight weeks of inflows to TIPS ($0.2bn)