--> All-time highs: global stocks (MSCI ACWI) hit all-time highs today; bears say “look what happened after Apr’15 high”; bulls say “stocks just 4% above their Oct’07 high”
--> Another inflow week: $8.5bn to equities, $7.6bn to bonds, $0.6bn to precious metals
- Bonds: 9 straight weeks of inflows ($7.6bn)
- Equities: 8 straight weeks of inflows ($8.5bn) ($9.2bn ETF inflows vs $0.7bn mutual fund outflows)
- Precious metals: 4 straight weeks of inflows ($0.6bn)
>>> Equity Flows
- EM: 7 straight weeks of inflows ($0.4bn)
- Japan: 7 straight weeks of inflows ($1.7bn)
- Europe: 5 straight weeks of inflows ($1.1bn inflows, largest in 55 weeks)
- US: $3.0bn inflows (inflows in 3 of past 4 weeks)
- By sector: $1bn inflows to US value funds vs tiny $0.1bn inflows to US growth funds; 6 straight weeks of inflows to
materials ($0.9bn); first inflows to REITs in 6 weeks ($0.1bn); first outflows from energy in 6 weeks ($0.3bn); 5 straight weeks of inflows to tech ($0.6bn)
>>> Fixed Income Flows
- Inflows to HY bond funds in 12 of past 13 weeks ($1.3bn)
- Inflows to EM debt funds in 7 of past 8 weeks ($1.2bn)
- 9 straight weeks of IG bond inflows ($3.8bn)
- 15 straight weeks of inflows to bank loan funds ($0.9bn)
- 11 straight weeks of inflows to TIPS funds ($0.8bn)
- 4 straight weeks of outflows from govt/tsy funds ($0.9bn)