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UPDATE 1-Rotation from U.S. bond funds to stocks slows -Lipper

(Adds data on mutual funds and ETFs, investor quote, table,
byline)
    By Trevor Hunnicutt
    NEW YORK, Nov 25 Investors pulled more money
from U.S.-based bond funds during the latest week, Lipper data
showed on Friday, adding to an onslaught following the U.S.
presidential election.
    But the $595 million snatched from the bond funds over the
seven days through Wednesday is minor compared with the $9.7
billion they withdrew the week before, data from Lipper and the
Investment Company Institute trade group showed. 
    Nonetheless, markets are betting that Donald Trump's
surprising Nov. 8 election as president could spark inflation
given the president-elect's plans to boost infrastructure
spending and cut taxes. That could boost stocks but harm bonds.
    U.S. Treasuries on Friday were on track for their worst
monthly performance in almost eight years. 
    Investors often use bonds to limit risk because as stocks
lose value, bonds can perform well. However, with rates moving
up, bonds may lose value even if stocks crater.
    "What is the purpose of bonds now?" asked Theodore Lucas,
head of systematic strategies and exchange-traded funds (ETFs)
for Hartford Funds Management Group Inc. "It looks very
different now than it has over the last three decades."
    Investment-grade bond funds took in $1.6 billion during the
week, the largest inflows in a month, Lipper said. Fixed-income
investors are favoring bonds that act more like stocks, peeling
away exposure to rate-sensitive government bonds and doubling
down on corporate bonds, which are exposed to credit risks
similar to stocks and typically move less in response to rate
shocks. 
    
    STOCKS STOP MOVING IN SYNC
    U.S.-based stock mutual funds and ETFs attracted $452
million during the seven days through Nov. 23, according to
Lipper, after a record-setting week of sales for stock ETFs the
week before. 
    Small-cap value funds took in $591 million during the week,
the second-largest inflows on record, the research service said.
    Small companies and "value" stocks that sell at cheap
prices, compared to their intrinsic worth, are among those
historically seen as doing well as inflation kicks in.
    Lucas said those companies could also be thriving because
value stocks have been trailing the market and small-cap
companies earn less of their revenue from abroad. Trump has
pledged to impose tariffs on many imports from China and Mexico.
 
    The small-cap Russell 2000 index has returned 12.8
percent since the election, including dividends, compared with
the large-cap S&P 500's 3.2 percent.
    Meanwhile, the S&P Growth Index trails its value
counterpart's 5 percent return by 3.6 percentage points over the
same time period, also including dividends.
    Stocks broadly are no longer moving closely together as they
once did.
    CBOE's S&P 500 Implied Correlation Index, a
market-based estimate of the interdependence of S&P 500 
stocks, has plunged since the election as financials and other
once-underappreciated stocks have soared. Higher Treasury rates
boost the cost of financing, helping bank earnings.
    The following is a breakdown of the flows for the week,
including ETFs:
 Sector                    Flow Chg  % Assets  Assets     Count
                           ($blns)             ($blns)    
 All Equity Funds          0.452     0.01      5,373.062  11,931
 Domestic Equities         0.439     0.01      3,868.354  8,512
 Non-Domestic Equities     0.013     0.00      1,504.707  3,419
 All Taxable Bond Funds    -0.595    -0.03     2,303.691  6,016
 All Money Market Funds    12.001    0.51      2,385.007  1,029
 All Municipal Bond Funds  -2.232    -0.59     376.013    1,412
 
 (Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and
Jonathan Oatis)

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