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Mutual fund investors added $1.06 billion in new
cash to stock funds through the week, while ETF investors took
out $9.23 billion.
The data underscore a pattern for much of the year in which
retail investors, commonly thought to be mutual fund buyers,
behave differently from institutional investors, as represented
by exchange-traded funds.
"The equity mutual funds were positive while the equity ETFs
were significantly negative," said Barry Fennell, a senior
analyst with Lipper. Those ETF investors might have been "a
little skittish about what way corporate earnings might be
going," he added.
While the S&P 500 index saw a sharp drop earlier in the month,
it rose 3.5 percent in the week from Oct. 15-22.
Loan participation funds saw net outflows of $1.7 billion, the
largest of such outflows since August 2011.
In contrast, corporate high-yield bond funds saw net inflows of
$1.7 billion.
"Most of the loan funds and high-yield bond funds have very
similar issuers, it's just where you are in the capital
structure," Fennell said.
Loan participation funds include short-term loans to companies
that are typically not investment grade. The loan holders
commonly have first claim on a company's assets in the event of
bankruptcy.
Taxable bond funds posted net inflows of $6.2 billion.
U.S.-based European stock funds posted net outflows of $958
million after record outflows in the previous week.
(Reporting by Luciana Lopez, editing by G Crosse and Alan
Crosby)
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