>>> Asset Class Flows
- Equities: modest $1.8bn outflows (note $2.7bn mutual fund outflows vs $0.9bn ETF inflows)
- Bonds: $5.2bn inflows (17 straight weeks)
- Precious metals: $0.9bn inflows (largest in 13 weeks)
>>> Equity Flows
- EM: $1.5bn outflows (outflows in 9 out of past 10 weeks)
- Europe: small $0.4bn inflows (16 straight weeks, but weakest inflows in 15 weeks…faltering momentum)
- US: $4.5bn outflows (outflows in 10 out of past 11 weeks)
- Japan: 10 straight weeks of inflows ($0.8bn)
>>> Fixed Income Flows
- 71 straight weeks of inflows to IG bond funds ($4.3bn)
- 7 straight weeks of inflows to TIPS funds ($0.3bn)
- $1.0bn inflows to EM debt funds (largest in 9 weeks)
- $0.6bn outflows from HY bond funds (largest outflows in 14 weeks)
- $0.3bn outflows from govt/tsy funds (first outflows in 8 weeks)
--> Weekly flows: buyers’ strike in equities (outflows in 5 out of past 6 weeks) vs 17 straight weeks of bond inflows ($5bn inflows this week).
--> Notable flows: largest inflows to precious metals in 13 weeks ($0.9bn); weakest European equity inflow in 15 weeks ($0.4bn); largest EM debt inflow in 9 weeks ($1.0bn); biggest HY outflow in 14 weeks ($0.6bn); US equities redemptions in 10 out of past 11 weeks.