Fed Lady just clearing her throat
Great Rotation flows: 1st bond outflows in 12 weeks ($0.1bn), led by largest HY bond redemptions more than 2 years ($5.7bn); contrast with strong inflows equities ($14.5bn this week); YTD equity inflows of $97bn top bond inflows of $79bn.
>>> Asset Class Flows
- Bonds: first outflows in 12 weeks ($0.1bn)
- Equities: 11 straight weeks of inflows ($14.5bn);the largest ETF inflows YTD ($19.7bn) vs $5.1bn mutual fund outflows
- Precious metals: $0.3bn outflows, the largest in 9 weeks
>>> Equity Flows
- EM: largest outflow in 11 weeks ($1bn)
- US: largest inflow in 13 weeks ($12bn)
- Japan: 10 straight weeks of inflows ($1.2bn)
- Europe: modest $0.2bn outflow
- By sector: largest inflows to US value funds in 16 weeks ($2.8bn) vs $0.3bn outflows from US growth funds; inflows to
materials ($0.4bn, 9 of last 10 weeks), utilities ($0.4bn), tech ($0.3bn) and energy ($0.2bn); outflows from financials ($0.1bn), real estate ($1bn, largest in 11 weeks), consumer ($0.1bn), and healthcare ($0.2bn).
>>> Fixed Income Flows
- Largest HY bond fund outflows in more than 2 years ($5.7bn)
- 12 straight weeks of IG bond inflows ($3.1bn)
- 7 straight weeks of inflows to EM debt funds ($0.7bn)
- 18 straight weeks of inflows to bank loan funds ($0.9bn)
- 14 straight weeks of inflows to TIPS funds ($0.2bn)
- First inflows to govt/tsy funds in 7 weeks ($0.1bn)