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 It was the group's largest seven-day haul since at least 1992, when
Lipper's record-keeping began, after prices on high yield bonds were
pounded for months and average yields rose above 10 percent in
February, Bank of America Merrill Lynch index data show.
"We saw a relief rally," said Lipper analyst Tom Roseen. "People
have been willing to put up with a bit more risk in hopes of getting
a higher return."
During the week, emerging-market debt funds also took in $190
million and emerging-market stock funds took in $153 million in new
money. Financial and banking sector stocks took in $424 million,
their first inflow in a month, Lipper said.
Yet the markets' yo-yoing sentiment was also on display. While
high-yield posted its banner week, U.S.-based precious metals
commodities funds, seen as a safe haven, also attracted a robust
$1.3 billion in new cash during the same time, Lipper said.
The funds - which invest in gold, a top-performing asset this year -
notched their eighth straight week of net new money, according to
Lipper, their longest streak of inflows since late 2012.
"Investors are just not sure what's going on," said Roseen. "As long
as we have this undertow of oil prices going down and soft economic
news we're going to see this volatility."
Stock funds based in the United States posted $2.4 billion in
outflows during the same week, for a ninth straight week of net
withdrawals from such investments, Lipper data showed.
The outflows stretched across both domestic and international
shares. European and Japanese stock funds both posted their fifth
straight week of outflows, while energy and technology sector funds
posted outflows as well, Lipper said.
Relatively low-risk money-market funds attracted $5.7 billion during
the week, according to the fund research service.
Yet Treasury funds, also seen as low risk because they buy bonds
backed by a U.S. government guarantee, broke their 11-week, $14.3
billion streak of inflows. Treasury funds posted $2.1 billion in
outflows during the week, according to Lipper.
Investment-grade bond funds posted $761 million in outflows during
the week, the report showed.
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And bond funds invested in bonds whose value is protected against
rising inflation attracted $299 million during the week, their
largest inflow since May 2015, according to the data.
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 Pct of Assets($ Count
($ blns) Assets blns)
All Equity Funds -2.352 -0.05 4,871.879 11,966
Domestic Equities -1.397 -0.04 3,442.591 8,521
Non-Domestic Equities -0.955 -0.07 1,429.288 3,445
All Taxable Bond Funds 2.882 0.13 2,160.438 6,054
All Money Market Funds 5.694 0.24 2,401.139 1,170
All Municipal Bond Funds 0.212 0.06 368.229 1,501
(Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Andrew
Hay)
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