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The
funds, which invest in more speculative global markets, took in
$3 billion during the week ended March 23, their largest intake
since January 2013 and the third-greatest week of inflows since
Lipper record-keeping began in 1992.
The reassessment came as fears about China's slowdown receded
and the U.S. Federal Reserve scaled down its expectations of
U.S. interest-rate increases to two hikes from an estimated four
hikes through 2016.
"To an investor that sounds good," said Tom Roseen, head of
research services at Lipper. "We've had a marvelous five weeks
and people now are going to sit back and evaluate where we are."
U.S.-based high-yield junk bond funds attracted $2.2 billion
during the week, their sixth straight week netting new cash.
Funds focused on higher-grade corporate bonds took in $1.3
billion, according to Lipper.
Overall, U.S.-based taxable bond mutual fund and exchange-traded
funds pulled in $5.9 billion, their ninth straight week of
inflows. U.S.-based stock funds netted nearly $2 billion in the
week, according to the fund research service.
Investors withdrew $18.7 billion from U.S.-based money-market
funds, one week after those relatively low-risk funds posted
nearly $36 billion in outflows. Investors withdrew $360 million
from Treasury funds, another safe haven, during the same period,
Lipper said.
Pension plans, foundations and endowments were among the
investors moving funds from cash into emerging market funds like
iShares MSCI Emerging Markets ETF in recent weeks, according to
Paul Young, a spokesman for the fund's issuer, BlackRock Inc.
EEM returned 10.5 percent over the one-month period that ended
Wednesday, and ETFs in the category have delivered nine
consecutive weeks of positive returns, according to Lipper.
Among stock funds, investors were focused on opportunities
outside the United States. U.S.-based funds focused on domestic
shares shed $1.6 billion during the week, while stock funds
focused on international companies attracted $3.6 billion.
The flow data did not include transactions on Thursday, when
U.S. stocks broke a five-week winning streak and a strengthening
dollar weighed on commodity-related shares.
U.S.-based stock mutual funds posted net outflows of $1.5
billion while stock ETFs attracted $3.5 billion over the weekly
period, Lipper said.
(Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and
Cynthia Osterman)
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