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The
withdrawals struck both mutual funds and exchange-traded funds
during a week that saw concerns about a slowdown in China weigh
heavily on U.S. markets. Taxable bond funds saw $2.7 billion in
withdrawals during the same period.
Stock funds had their worst week in terms of outflows since
September, while international stock funds posted moderate
inflows of $157 million. Investors also pulled money out of
money market funds.
The withdrawals came as the U.S. stock market - after posting
moderate gains in 2015 - started the new year with a
four-trading-day drop of 5.2 percent for the Dow Jones
Industrial Average <.DJI>. That was the worst such start for the
index since at least 1896, according to financial data provider
FactSet Research.
"It's been a shaky market," said Lipper research analyst Pat
Keon. "The year-end was shaky, and the year started off worse."
Investors have now pulled money from stock funds for seven of
the last nine weeks, Lipper data show, but this was the first
weekly period that saw previously bullish ETF investors pull
money from equity funds since October.
Taxable-bond funds posted $2.7 billion in outflows during the
first week of the year, the fund data service said, as continued
inflows to U.S. government debt funds failed to stanch outflows
from corporate bonds.
So-called "investment-grade" debt funds, containing bonds from
companies with the highest credit ratings, posted $1.1 billion
in outflows during the week, their seventh straight week of
withdrawals.
Money-market fund investors pulled $16.7 billion from the
low-risk investments during the week, according to Lipper.
The Lipper fund flow data is compiled from reports issued by
U.S.-domiciled mutual funds and exchange-traded funds.
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 -12.044 -0.23 4,935.749 11,929
Domestic Equities -12.201 -0.34 3,481.014 8,486
Non-Domestic Equities 0.157 0.01 1,454.735 3,443
All Taxable Bond Funds -2.671 -0.12 2,156.897 6,108
All Money Market Funds -16.712 -0.72 2,291.054 1,138
All Municipal Bond Funds 0.993 0.28 362.586 1,503
(Reporting by Trevor Hunnicutt; Editing by Chris Reese)
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