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 The inflows marked the first new demand for the funds in three
weeks. Funds that mainly hold safe-haven U.S. Treasuries attracted
$437 million to mark their first inflows in five weeks, while
riskier high-yield bond funds attracted $621 million to mark their
first inflows in three weeks.
Funds that hold investment-grade bonds posted $366 million in
outflows to mark their third straight week of outflows. The funds
had not posted three straight weeks of outflows since August 2011.
Stock funds posted $1 billion in outflows to mark their first
investor withdrawals in five weeks. Funds that specialize in
European stocks attracted $160 million to mark their sixth straight
week of inflows.
All of the inflows went into international-focused stock funds,
which attracted their 20th straight week of inflows at $1.5 billion.
Investors soured on funds that specialize in U.S. shares and pulled
$2.6 billion, reversing the prior week's $4.5 billion in inflows.
The preference for bond funds showed a flight to safer assets, said
Tom Roseen, head of research services at Lipper. While investors in
riskier high-yield bond funds may have bet that Greece's issues
would be resolved, investors in safe-haven Treasury funds were less
optimistic on the Greek negotiations, Roseen said.
He also said investors digested a statement from the Federal Reserve
on June 17 and concluded that the central bank would be slow in
raising rates. Rate hikes are expected to hurt bond prices.
Roseen said the outflows from U.S.-focused stock funds, which were
entirely from mutual funds, showed skittishness on the part of
retail investors in response to volatility in stock markets. Mutual
funds are commonly purchased by retail investors.
"Retail investors are likely to sit on the sidelines to let this
play out," Roseen said. While the benchmark S&P 500 stock index rose
0.4 percent over the period, U.S. stocks gyrated in response to
developments out of Greece.
Funds that specialize in energy shares attracted $228 million, their
first inflows in six weeks.
The weekly Lipper fund flow data is compiled from reports issued by
U.S.-domiciled mutual funds and exchange-traded funds.
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The following is a broad breakdown of the flows for the week,
including exchange-traded funds (in $ billions):
Sector Flow Chg % Assets Assets Count
($Bil) ($Bil)
All Equity Funds -1.013 -0.02 5,455.533 11,746
Domestic Equities -2.561 -0.07 3,892.157 8,439
Non-Domestic 1.548 0.10 1,563.377 3,307
Equities
All Taxable Bond 3.363 0.14 2,347.596 6,065
Funds
All Money Market 3.820 0.17 2,275.928 1,279
Funds
All Municipal Bond -0.106 -0.03 345.209 1,491
Funds
(Reporting by Sam Forgione; Editing by Andre Grenon and Lisa
Shumaker)
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