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U.S. stock funds pull most cash in nearly 4 months -ICI
2017年6月7日 / 下午5点03分 / 3 个月前

U.S. stock funds pull most cash in nearly 4 months -ICI

    By Trevor Hunnicutt
    NEW YORK, June 7 (Reuters) - U.S.-based stock funds are
staging a comeback, attracting the most cash since February
during the latest week, Investment Company Institute data showed
on Wednesday.
    The funds brought in $14 billion in cash during the week
ended May 31, with the result driven by strong demand for equity
exchange-traded funds, according to the trade group.
    Stock mutual funds posted $1.5 billion in outflows, while
their ETF counterparts gathered $15.5 billion, according to the
ICI. Mutual funds are heavily used by retail investors, while
ETFs draw a diverse set of clients, including fast-trading hedge
funds.
    The rebound for stock funds comes after cash seeped out of
domestic equity funds for four straight weeks even as markets
have trended higher since the U.S. presidential election last
year.
    "Resilience is much less related to the Trump presidency
than people think," said Chris Konstantinos, director of
international portfolio management at RiverFront Investment
Group LLC in Richmond, Virginia, which invests using ETFs.
    "It has mostly to do with the most synchronized global
growth impulse we've seen since the credit crisis, and positive
earnings coming through in areas like Eurozone, Japan and even
the U.S."
    The S&P 500 index has returned nearly 10 percent this
year.
    Yet markets are grappling with a tension between flaccid
U.S. economic data and strengthening corporate earnings. S&P 500
earnings rose 15.6 percent last quarter from a year ago,
according to Thomson Reuters I/B/E/S, while U.S. job growth
showed signs of slowing in May.
    Stock and bond markets have been reading the economic
situation differently. While U.S. equities have repeatedly set
record highs, government debt markets forecast slower-than
expected growth, pricing in just three U.S. Federal Reserve rate
hikes through 2019.
    The Fed itself projects raising rates far more, and markets
see a hike after their next policy meeting next Wednesday as a
foregone conclusion.
    The strong flows for equity ETFs may not be sustained. The
largest U.S.-based domestic stock ETF, SPDR S&P 500 ETF,
posted $4.1 billion in outflows on Monday, after the latest ICI
measurement period closed, according to Thomson Reuters' Lipper
research unit.
    U.S.-based bond funds pulled in $5.1 billion during the most
recent week, ICI said. The debt funds have not recorded a week
of withdrawals this year.
    Commodity funds recorded $458 million in withdrawals for the
week, the most since early March.
    The following table shows estimated ICI flows for mutual
funds and exchange-traded funds (all figures in millions of
dollars):
               5/31    5/24    5/17    5/10  5/3/2017
 Equity      14,000    -832   4,357   7,421     3,545
 -Domestic    8,483  -5,491  -5,604    -983    -4,254
 -World       5,517   4,659   9,961   8,404     7,799
 Hybrid        -271    -212    -315     122    -1,386
 Bond         5,060   8,067  10,381   6,358     7,167
 -Taxable     4,799   7,402   9,791   5,721     6,933
 -Municipal     262     665     591     637       234
 Commodity     -458    -152    -150     288       -14
 Total       18,331   6,871  14,273  14,188     9,312
 
 (Reporting by Trevor Hunnicutt; Editing by Chizu Nomiyama)
  

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