(Full note attached) * Asset Class Flows - Equities: $6.5bn outflows ($4.1bn via ETF's) (largest outflows in 5 weeks) - Bonds: $1.8bn outflows (largest in 4 weeks) - MMF: $23bn outflows (largest in 4 months); YTD outflows reach $114bn - Precious metals: $0.2bn outflows (4 straight weeks)
* Equity Flows - EM: ekes out small $0.1bn inflows (inflows in 4 out of past 5 weeks) - Europe: 15 straight weeks of inflows ($0.7bn) (Table 2) - Japan: $1.1bn inflows (5 straight weeks) - US: $10.3bn outflows (largest in 7 weeks) - By style, note divergence between inflows to US small-cap ($0.9bn) vs outflows from US lg-cap ($6.2bn) for second straight week
* Fixed Income Flows - 68 straight weeks of inflows to floating-rate debt ($0.6bn) - 5th straight week of inflows to HY bond funds ($1.1bn) (Table 3) - 5th straight week of redemptions from govt/tsy funds ($0.9bn) - $0.8bn outflows from IG bond funds - $0.5bn outflows from EM debt funds - 26 straight weeks of outflows from TIPS ($0.2bn)